Economics 101

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Hey guys my Econ final is on Tuesday and I could use some help. These are 4 example questions true/false with explanation needed.

1. A monopolist will produce less and charge a higher price than a perfectly competitive industry.

2. Regardless of the type of price control, if it is effective it will reduce the quantity.

3. At maximum profit, a perfectly competitive firm will produce in the short-run even if it is losing money.

4. If demand is inelastic an increase in the price will cause a decrease in the firm's Total Revenues.

Thanks guys!

  • Economics 101 -

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