{"id":54469,"date":"2024-04-16T00:10:42","date_gmt":"2024-04-16T00:10:42","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=54469"},"modified":"2024-04-16T00:10:42","modified_gmt":"2024-04-16T00:10:42","slug":"a-monopolist-has-a-downward-sloping-demand-curve-because","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/a-monopolist-has-a-downward-sloping-demand-curve-because\/","title":{"rendered":"A monopolist has a downward sloping demand curve because"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;it has an inelastic demand&#8221; option2=&#8221;typically, it sells only to a few large buyers&#8221; option3=&#8221;its demand curve is the same as the industry&#8217;s demand curve&#8221; option4=&#8221;consumers prefer that product&#8221; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is: A. it has an inelastic demand.<\/p>\n<p>A monopolist is the only seller of a good or service in a market. This means that they have a great deal of market power and can set prices without fear of losing customers to competitors. As a result, a monopolist&#8217;s demand curve is downward sloping, which means that they can charge a higher price for their product without losing all of their customers.<\/p>\n<p>The other options are incorrect because:<\/p>\n<ul>\n<li>B. typically, it sells only to a few large buyers is not necessarily true. A monopolist can sell to any number of buyers, large or small.<\/li>\n<li>C. its demand curve is the same as the industry&#8217;s demand curve is also not necessarily true. The industry&#8217;s demand curve is the sum of the demand curves of all the firms in the industry, while a monopolist&#8217;s demand curve is the demand curve for their product alone.<\/li>\n<li>D. consumers prefer that product is not necessarily true. Consumers may prefer a product that is sold by a monopolist, but they may also prefer a product that is sold by a competitor.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;it has an inelastic demand&#8221; option2=&#8221;typically, it sells only to a few large buyers&#8221; option3=&#8221;its demand curve is the same as the industry&#8217;s demand curve&#8221; option4=&#8221;consumers prefer that product&#8221; correct=&#8221;option1&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-54469","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A monopolist has a downward sloping demand curve because<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/a-monopolist-has-a-downward-sloping-demand-curve-because\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A monopolist has a downward sloping demand curve because\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;it has an inelastic demand&#8221; option2=&#8221;typically, it sells only to a few large buyers&#8221; option3=&#8221;its demand curve is the same as the industry&#8217;s demand curve&#8221; option4=&#8221;consumers prefer that product&#8221; correct=&#8221;option1&#8243;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/a-monopolist-has-a-downward-sloping-demand-curve-because\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T00:10:42+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"A monopolist has a downward sloping demand curve because","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/a-monopolist-has-a-downward-sloping-demand-curve-because\/","og_locale":"en_US","og_type":"article","og_title":"A monopolist has a downward sloping demand curve because","og_description":"[amp_mcq option1=&#8221;it has an inelastic demand&#8221; 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