2. Briefly explain why the following statements are TRUE or FALSE: A monopolist produces the quantity at which MC= MR. a. b. A monopolist sets a price equal to MR. A monopolist faces a downward-sloping MR curve. C. d. A monopolist faces a perfectly elastic demand curve. A monopolist must lower price if it produces additional units. f. A monopolist is always able to price discriminate. 3. Why are barriers to entry essential for a monopoly to exist?

2. Briefly explain why the following statements are TRUE or FALSE: A monopolist produces the quantity at which MC= MR. a. b. A monopolist sets a price equal to MR. A monopolist faces a downward-sloping MR curve. C. d. A monopolist faces a perfectly elastic demand curve. A monopolist must lower price if it produces additional units. f. A monopolist is always able to price discriminate. 3. Why are barriers to entry essential for a monopoly to exist?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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