Asked by
maria valdez
on Oct 12, 2024
Verified
For a monopolist,the price of the product
A) always equals the marginal revenue.
B) is always less than the marginal revenue.
C) exceeds the marginal revenue.
D) always equals the marginal cost of the product.
Monopolist
A monopolist refers to a single supplier in a market who has significant control over the market price of a product or service due to the lack of competition.
Marginal Revenue
The incremental revenue obtained from the sale of an additional unit of a product or service.
- Understand the concept of marginal revenue for monopolists and its impact on pricing and output decisions.
Verified Answer
PS
Learning Objectives
- Understand the concept of marginal revenue for monopolists and its impact on pricing and output decisions.