_____ is the practice of using extra resources to compete for ...

[JMatthes]

_____ is the practice of using extra resources to compete for obtaining monopoly, and leads to _____.
 a. X-inefficiency; a deadweight loss
  b. Rent seeking; a deadweight loss
  c. X-inefficiency; a loss in producer surplus
  d. Rent seeking; a loss in producer surplus

Question 2

Which of the following is true of the demand curve faced by a monopolist?
 a. A monopolist's demand curve is infinitely elastic.
 b. A monopolist's demand curve is more elastic than a competitive firm's demand curve.
  c. A monopolist faces a relatively inelastic demand curve.
 d. A monopolist's demand curve coincides with its marginal revenue curve.
 e. A monopolist faces a positively sloped demand curve.

[Ksh22]

Answer to Question 1

B

Answer to Question 2

c