ECON-312

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TCO 3) a.) Do you agree or disagree with the statement that: "A monopolist always charges the highest possible price."?  Explain.  b.) Why can't an individual firm raise its price by reducing output or lower its price to increase sales volume in a purely competitive market? (Points : 25)                                  
                                


(a)an increase in the number of cars

(b)the economy moves into a recession

(c)an increase in the price of car insurance, taxes, maintenance

(d)consumer expectations of substantial price increases in gasoline

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