Which of the following statements is true regarding the difference between a monopolist and a perfectly competitive firm?
a. Competitive price is higher than the price charged by a monopolist.
b. Supply of output is higher in case of a monopoly than if the market is competitive.
c. A monopoly can choose its price while a competitive firm is a price taker.
d. A market characterized by competition has a higher deadweight loss.
Question 2
Before World War II, Alcoa controlled the supply of bauxite in the United States. Because bauxite is a scarce resource that is vital to the production of aluminum:
a. Alcoa was bound to charge a nominal price in the U.S. aluminum market.
b. Alcoa had a monopoly in the U.S. aluminum market.
c. the U.S. aluminum market was highly competitive.
d. Alcoa can be said to have operated in a monopolistically competitive market.
e. Alcoa can be said to have operated in an oligopolistic market structure.
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