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Answer to Question #114818 in Microeconomics for TJ
Question #114818
a monopolist can charge a high price if :
1) the demand for its product is relatively price elastic
2) there exist a large number of substitutes for its products
3) the quantity demanded of its product is positively related to price
4) the demand curve of its product is negatively sloped
5) the demand for its product is relatively price inelastic
1) the demand for its product is relatively price elastic
2) there exist a large number of substitutes for its products
3) the quantity demanded of its product is positively related to price
4) the demand curve of its product is negatively sloped
5) the demand for its product is relatively price inelastic
Expert's answer
5
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