Which of the following statement is true of a monopoly markets?
A. Barrier to entry exists in the short-run, but not in the long-run B. Price is greater than marginal revenue but less than marginal cost C. Demand is more elastic than the demand for a perfectly competitive firm's output D. Demand for the firm's product is also the market demand for the product
Correct Answer: D
Explanation
The monopolist is the only seller in market. Only him can constitute the market. Therefore. his demand curve is the industry's demand curve. The other options are not true
