Question 1
Suppose a single-price monopolist knows the following information:
| Price | Quantity | TR | MR | Fixed Cost | TC | ATC | MC |
| 5.00 | 2000 | | $4.00 | $2000 | | $5.00 | $3.00 |
The total profit being earned by this firm at the current level of output is
◦ 0.
◦ $1000.
◦ -$1000.
◦ $2000.
◦ -$2000.
Question 2
Which of the following statements describes a major difference between monopoly and perfect competition?
◦ Monopolistic firms tend to maximize revenue while perfectly competitive firms maximize profit.
◦ Monopolists do not consider consumer demand when choosing price and output levels.
◦ Monopolistic firms emphasize cost minimization whereas perfectly competitive firms emphasize profit maximization.
◦ Perfectly competitive firms cannot maintain positive economic profits in the long run, whereas monopolists can.
◦ Perfectly competitive firms can never earn economic profits; monopolistic firms always earn economic profits.
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