12. Suppose the government imposed a price ceiling on a monopolist (an upper bound on the price...
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12. Suppose the government imposed a price ceiling on a monopolist (an upper bound on the price the monopolist can charge). Let denote the price ceiling, and suppose the monopolist incurs no costs in producing output. True or false: If the demand curve faced by the monopolist is inelastic at the price then the monopolist would be no better off if the government removed the price ceiling.
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