WAEC Economics 2017 Objective — Question 21
Question 21 of 50 from the West African Examinations Council (WAEC) Economics 2017 Objective paper, with the correct answer and a full explanation.
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Which of the following is true of the monopolist?
- A. A. His average revenue curve is horizontal
- B. B. He determines both price and output
- C. C. His demand and marginal revenue curves are the same
- D. D. He determines either price or outputCorrect
Explanation
The monopolist has the power to determine either price or output, not both.
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