Question #114995
A monopolist does not have a typical supply curve because
1) numerous demand curves could have identical marginal revenue at a given point on a monopolists marginal cost
2) a monopolist is not a price taker
3) there is no unique correspondence between price and revenue when the market demand curve shifts
4) all of the above
1) numerous demand curves could have identical marginal revenue at a given point on a monopolists marginal cost
2) a monopolist is not a price taker
3) there is no unique correspondence between price and revenue when the market demand curve shifts
4) all of the above
Expert's answer
A monopolist does not have a typical supply curve because there is no unique correspondence between price and revenue when the market demand curve shifts.
