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Answer to Question #41543 in Microeconomics for Manisha

Question #41543
Assume that a monopoly has a linear demand curve. If It is charging the profit maximizing price, will the demand for its product at that price be elastic or inelastic? Explain fully
1
Expert's answer
2014-04-22T10:39:29-0400
The demand will be inelastic, as there is only one producer. And if it changes the price, the quantity demanded will not change significantly, because there is no other producer with lower price.

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