Like a competitive industry,a monopoly must
A)Practice marginal cost pricing.
B)Deal with the law of demand.
C)Confront a demand curve equal to its marginal revenue curve.
D)Earn only zero economic profit in the long run.

Question

Quizplus · Accepted Answer

Monopolies, like competitive industries, must deal with the law of demand, which states that as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa. This principle applies to all market structures, including monopolies.

Like a Competitive Industry,a Monopoly Must