20. In comparing a “pure" (single price) monopolist to a firm operating in a perfectly competitive market, all of the fo

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20 In Comparing A Pure Single Price Monopolist To A Firm Operating In A Perfectly Competitive Market All Of The Fo 1 (87.55 KiB) Viewed 33 times

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20. In comparing a “pure" (single price) monopolist to a firm operating in a perfectly competitive market, all of the following statements are true except: a) The marginal revenue curve is downward sloping for the monopolist and horizontal for the competitive firm. b) The average revenue curve is identical to the marginal revenue curve for both the monopolist and the competitive firm. c) Both the monopolist and the competitive firm make decisions to maximize profits. d) In long-run equilibrium, the monopolist makes positive profits and the competitive firm makes zero profits. e) All of the above; each of these statements is true. 21. Suppose the widget market is monopolized, the market demand curve is Q = 90 - 10P (or P=9 - 0.1Q) and the monopolist's marginal cost (MC) is constant at $1. If this is a "single price monopolist (one that does not engage in price discrimination), the market price (PM) and amount exchanged (QM) will be: a) PM = 5 and OM =40 b) PM = 1 and OM =40 c) PM = 1 and QM =80 d) PM = 9 and QM =0 e) unknown, based on the information provided.