_____ 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.
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