Solved

In the Small Town of Wellsville, There Is Only One

Question 1

Multiple Choice

In the small town of Wellsville, there is only one grocery store. Given that everyone needs food, we would expect that:


A) this grocery store is a monopoly and hence highly profitable.
B) this grocery store charges exorbitant prices.
C) this grocery store prices competitively.
D) this grocery store faces a perfectly inelastic demand.

Correct Answer:

verifed

Verified

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents