Give a detail answers to each of the given:
Q1. Since a monopolist is the only supplier of a well-defined product, there is no limit to the price it might charge. Is this statement true-false?
Q2. Describe why a monopolist will never set a price and produce the corresponding output at which the demand is price inelastic.
Q3. The ultimate monopoly product would be one who’s cross elasticity of demand with respect to any and all the other products, was zero. Comment on the statement.
Q4. The reason movie theaters charge oldsters and youngsters less than the rest of us are as theater owners want to help such two low-income groups.