What shape of demand curves do monopoly firms have, and how much output can they sell?

Question

Answer

They have downward-sloping demand curves, and they can sell as much output as they desire at the market price.

Answer

They have downward-sloping demand curves, and they can sell only a limited quantity of output at each price.

Answer

They have horizontal demand curves, and they can sell as much output as they desire at the market price.

Answer

They have horizontal demand curves, and they can sell only a limited quantity of output at each price.

Answer

None of the above.

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