When you think of Monopolist, do you think Monopolistic or Monopoly?
None of these answers seemed to fit the question so I choose d because it seemed close. The answer is C, so I have Becker take me the page where they got the answer and they take me to the page relating to Monopoly? So am to assume that if I see monopolist on the test it's referring to Monopoly?
B5 Question:
Compared to firms in a perfectly competitive market, a monopolist tends to:
a. Produce substantially more and charge a higher price.
b. Produce substantially less and charge a lower price.
c. Produce substantially less but charge a higher price.
d. Produce the same output and charge a higher price.
Explanation
Choice “c” is correct. Compared to firms in a perfectly competitive market, a monopolist tends to produce substantially less but charge a higher price.
Choices “a”, “d”, and “b” are incorrect, per above explanation.
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