Question from Past Microeconomics Qualifying ExamEdit
Fall 2004 - Section I, Question seven, George Mason University
T, F, U. State first whether the following statements are true, false or uncertain. Then briefly explain your reasoning in four or five sentences. You may use a graph if it helps clarify your answer.
A monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.