question archive Which of the following statements about the elasticity of demand for a monopolist is true? a
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Which of the following statements about the elasticity of demand for a monopolist is true?
a. Since a monopolist produces a good with no close substitutes, the price elasticity of demand for the good is zero.
b. A monopolist produces a good with demand that is perfectly inelastic because people cannot do without the good.
c. Since every good has some substitute, even if imperfect, the demand for a good produced by a monopolist will not have zero price elasticity.
d. Since the demand curve of a monopolist is downward sloping, the demand for the good must be inelastic.
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