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1o. Identify the truthfulness of the following statements I. A monopoly market consists of a single seller facing many buyers Il. Because the monopolist is the only seller of her product, she may sell any quantity that she chooses for any given price. A) Both I and II are true. C) I is true; II is false. B) Both I and II are false. D) I is false; II is true.
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Answer #1

Option C.

Explanation: A monopoly is a single film in the market. Therefore, in a monopoly market, there is a single seller and many buyers. So, the statement I is true.

However, a monopoly faces a downward sloping demand curve. Therefore, it can sell a higher quantity only at a lower price. So, statement II is false.

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