1 which of the following statements is truethe more elastic, Ask an Expert

Economics

1. Which of the following statements is true?

The more elastic the demand, the higher the profit-maximizing markup.

The more elastic the demand, the lower the profit-maximizing markup.

The higher the marginal cost, the lower the profit-maximizing pric

The higher the average cost, the lower the profit-maximizing price.

2. In the short run, a monopolistic competitor generally behaves like ____________; in the long run, the market structure becomes _________ competitive due to free entry and exit.

a monopoly; less

a perfectly competitive firm; less

a monopoly; more

a perfectly competitive firm; more

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92203303

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