For a monopolist on the inelastic range of its demand

Asked by admin @ 07/11/2021 in Business viewed by 226 People

A pure monopoly firm will never charge a price in the inelastic range of its demand curve because lowering price to get into this region will

Answered by admin @ 07/11/2021

Answer:

Decrease total revenue, increase total cost, and decrease profit

Explanation:

A pure monopoly can be regarded as the single supplier that exist in a particular market as well as industry. In a market where there is pure monopoly, it doesn't allow a close competitors or substitute, pure monopoly is when single firm has control over 25% of the market.

It should be noted that a pure monopoly firm will never charge a price in the inelastic range of its demand curve because lowering price to get into this region will

✓Decrease total revenue

✓increase total cost, and

✓decrease profit

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For a monopolist on the inelastic range of its demand

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