ECO100Y5 Chapter Notes - Chapter 10,12,16,17: Market Power, American Recovery And Reinvestment Act Of 2009, Natural Monopoly
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(TCO 3) The nondiscriminating pure monopolist must decrease price on all units of a product sold in order to sell more units. This explains why (Points : 3) |
there are barriers to entry in pure monopoly.
a monopoly has a perfectly elastic demand curve.
marginal revenue is less than average revenue.
total revenues are greater than total costs at the profit-maximizing level of output.