Chapter 1
24) A monopoly sets a price of $50 per unit for an item that has a marginal cost of $10. Assuming profit maximization, the implicit demand elasticity is . A) -0.2. B) -0.8. C) -1.25. D) -5.0. Answer: C . Diff: 1. Topic: Market Power. 25) A monopoly incurs a marginal cost of $1 for each unit produced. ................
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