Giving reasons, state whether the following statement are true or false: (i) A monopolist canfix both, the price of his product and the quantity to be sold at that price. (ii) Under monopolistic competition, a firm faces a perfectly elastic demand curve. (iii) A monopolist can sell any quantity he likes at a price?

Giving reasons, state whether the following statement are true or fals

1.	Giving reasons, state whether the following statement are true or false: (i) A monopolist canfix both, the price of his product and the quantity to be sold at that price. (ii) Under monopolistic competition, a firm faces a perfectly elastic demand curve. (iii) A monopolist can sell any quantity he likes at a price?
Answer» <html><body><p></p>Solution :(i) <a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a>, A monopolist can fix either the price or can fix <a href="https://interviewquestions.tuteehub.com/tag/quantity-1174212" style="font-weight:bold;" target="_blank" title="Click to know more about QUANTITY">QUANTITY</a> to be sold.<br/> (ii) False. The firm faces downward sloping demand curve because the firm can sell more only by <a href="https://interviewquestions.tuteehub.com/tag/lowering-1081107" style="font-weight:bold;" target="_blank" title="Click to know more about LOWERING">LOWERING</a> the price.<br/> (<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>) False because if a monopolist wants to sell more he can do so only by lowering the price.</body></html>