Which of the following statements is true regarding the ...

[appyboo]

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.

[pallen55]

Answer to Question 1

C

Answer to Question 2

b

[appyboo]

Excellent

[parker125]

Thanks for the timely response, appreciate it