A monopolist has control over the price he charges for his product. He will be able to maximize his profit by:

A. Lowering the price, if the demand curve is elastic

B. Lowering the price, if the demand curve is inelastic

C. Rising the price, if the demand curve is elastic

D. None of the above is applicable

Please do not use chat terms. Example: avoid using "grt" instead of "great".

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  1. In monopolistic competition, the aim of the firm is to:
  2. In substitution effect and income effect:
  3. If a straight line supply curve makes an intercept on the X-axis, the elasticity of supply is:
  4. For the given production function, technical inefficiency is defined as:
  5. When a competitive firm is in equilibrium in the long-run, its output is such that:
  6. In monopoly, when average revenue curve falls:
  7. Cross-elasticity of demand or cross-price elasticity between two perfect substitutes will be:
  8. Economic laws are:
  9. General equilibrium is concerned with simultaneous equilibrium of:
  10. In modern theory of costs, a firm normally utilizes:
  11. The market demand for any commodity is the:
  12. Law of Variable Proportions is regarding in:
  13. In income effect, we:
  14. Human wants are:
  15. For the equilibrium of the firm and the industry in the short period in a competitive market, the condition…
  16. By saying that monopolist create a contrived scarcity, economist mean that monopolist:
  17. In 1776, a famous book An enquiry into the nature and causes of the wealth of nation was written by:
  18. A demand curve which is horizontal and parallel to x-axis represents:
  19. In monopolistic competition, the individual demand curve is also known as:
  20. Microeconomics deals with the:
  21. If in the long run all factor inputs are increased three times and the resulting output is four times…
  22. In economic term water is a:
  23. Who stated explicitly for the first time the Law of Camparative Costs?
  24. A dominant strategy can best be described as:
  25. A firms profit is equal to:
  26. Rational economic behavior on the part of the consumer means that he will:
  27. The proportionality rule in production requires that the ratios of MP and factor prices are:
  28. In the short-run, in which one of the following situations would a competitive seller close down (shut-down)?
  29. A good tends to have relatively inelastic demand, if:
  30. All of the following are capital resources except: