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A monopolist never produces on the elastic portion of his demand curve. a. True b. False

Question:

A monopolist never produces on the elastic portion of his demand curve.

a. True

b. False

Monopoly Market:

A market is a place where buyer and sellers meet and exchange goods and services. Monopoly is a market where there one seller and many buyers. Barriers to entry in the monopoly market such as market power possessed by firms in monopoly markets make the monopoly firms to earn abnormal profits. Sellers in monopoly markets are price makers unlike in the other markets.

Answer and Explanation: 1

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A monopolist never produces on the elastic portion of his demand curve. b False

The above statement is false because monopoly is price maker thus his...

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What is a Monopoly in Economics? - Definition & Impact on Consumers

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Chapter 7 / Lesson 2
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Understand the meaning of a monopoly in economics and what it does. Also, know the characteristics of a monopoly and the different types of monopolies.


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