JAMB Economics 2014 Objective — Question 24
Question 24 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2014 Objective paper, with the correct answer and a full explanation.
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A monopolist can boost his revenue by
- A. reducing priceCorrect
- B. adjusting both price and output upward
- C. reducing total output to match the price
- D. increasing price
Explanation
The monopolist will boost his revenue by increasing price since the demand for his commodity is usually inelastic.
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