alleryStart learning →Home › Bihar Board Class 12 (Arts) › Economics › Forms of Market and Price Determination › If a monopolist raises its price, its sales volu…
If a monopolist raises its price, its sales volume will:
ARise sharply
BStay fixed
CDecline
DDouble
Answer & Solution
Correct answer: C. Decline
The monopolist is bound by the law of market demand, so a higher price lowers quantity sold.
Related questions
Monopolistic competition produces what kind of products?Who published The Economics of Imperfect Competition in 1933?Oligopolists can earn abnormal profits in the long run mainly because of:Interdependent oligopolists are generally reluctant to:In a monopoly, the firm and the industry are:Economic profit in perfect competition attracts:Normal profit is counted as part of a firm's:A monopolist whose revenue exceeds its costs earns: