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Answer: B. If the market demand curve becomes more elastic, the firm's demand curve will become more elastic
Explanation:
Monopoly is a market structure whereby there is just one single supplier for a particular good or service. The monopolist controls the price.
We should note that the monopolist enjoys market power due to theofact that its product has an inelastic demand that is, a price change will have a minimal impact on the demand.
But the monopoly power will reduce in a case whereby the market demand curve becomes more elastic, then the firm's demand curve will become more elastic as well.
Gross income is the total income, from all sources, before taxes.
So it's not relevant what your tax rate is, if you earn 50 000 a year, then this is your gross income.
