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A. higher prices and lower output
B. higher prices and higher output
C. lower prices and lower output
D. lower prices and higher output

A. marginal revenue equals marginal cost
B. marginal revenue equals price
C. marginal cost equals price
D. marginal cost equals demand
E. none of these answers

A. natural monopoly
B. perfect competitor
C. government monopoly
D. regulated monopoly

A. Bans monopolies
B. Fines all monopolies
C. Prevents firms acquiring more than 25% of the market
D. Has the right to investigate monopolies and will assess each one on its own merits

A. Monopolies are inefficient
B. Monopoly profits ac as an incentive for innovation
C. Monopolies are alocatively efficient
D. Monopolies are productively efficient

A. Products are differentiated
B. There is freedom of entry and exit into the industry in the long run
C. The firm is a price taker
D. There is one main sellers

A. The firm is Productively efficient
B. The firm is allocatively inefficient
C. The firm produces where marginal cost is less than marginal revenue
D. The firm produces at the socially optimal level

A. Equals the demand curve
B. Is parallel with the demand curve
C. Lies below and converges with the demand curve
D. Lies below and diverges from the demand curve

A. The section with the richest people
B. The section with the oldest people
C. The section with the most inelastic demand
D. The section with the most elastic demand

A. some degree of monopoly power
B. an ability to separate the market
C. an ability to prevent reselling
D. all of the above