Monopolies exist for each of the following reasons, EXCEPT:
a. competitors are legally unable to challenge them.
b. they have control over resources with very few good substitutes.
c. it is sometimes inefficient to have competition in certain markets.
d. it increases both producer and consumer surplus.
Question 2
A monopolist maximizes profit:
a. by charging the highest possible price on the demand curve.
b. by charging a price that equals its marginal cost.
c. by producing a level of output where the average-cost curve intersects the demand curve.
d. by producing a level of output where marginal revenue equals marginal cost.
e. by charging a price equal to its average total cost.
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