How will the price and output of a monopolist compare with perfect competition?
a. The output of the monopolist will be too large and the price too high.
b. The output of the monopolist will be too large and the price too low.
c. The output of the monopolist will be too small and the price too high.
d. The output of the monopolist will be too small and the price too low.
Question 2
Which statement about the total variable cost curve is true?
a. It begins at the origin and increases before decreasing again.
b. The total variable cost curve is the same at all levels of output.
c. The total variable cost curve is increasing but at a decreasing rate.
d. It begins at the origin and is always increasing.
e. There is no such thing as a total variable cost curve.
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