1 answer

DeBeers was able to profit the most from the diamond market by selling a: 1. lot...

Question:

DeBeers was able to profit the most from the diamond market by selling a:

1. lot of diamonds at low prices.

2. few diamonds at high prices.

3. lot of diamonds at high prices.

4. few diamonds at low prices.


Answers

DeBeers was a monopolist and it used to sell few diamonds at a higher price.

As a monopolist they had the market power. Monopolist are the price makers so they set the price at that point where their Marginal cost is Equal to the Marginal Revenue.

2. Few Diamonds at high price.

Please contact if having any query thank you.

.

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