If more is demanded at the same price or the same quantity is demanded at a higher price, this is known as
A. | Contraction of demand |
B. | Extension of demand |
C. | Increase in demand |
D. | Decrease in demand |
Option: C Explanation : Click on Discuss to view users comments. |
If a monopolist is producing under decreasing cost conditions, increase in demand is beneficial to the society because
A. | Goods will be sold in many markets |
B. | Cost of production falls and hence price |
C. | Consumers get better quality goods |
D. | None of the above answer is correct |
Option: B Explanation : Click on Discuss to view users comments. |
A monopolist will fix the equilibrium output of his product where the elasticity of his AR curve is
A. | Equal to or less than one |
B. | Greater than or equal to one |
C. | Less than one but more than zero |
D. | Zero |
Option: C Explanation : Click on Discuss to view users comments. |