Which of the following does a monopoly control, that a perfectly competitive firm does not control?
a. how much to produce
b. technology
c. what price to charge
d. what inputs to use
e. plant size
Question 2
The rail system in Metropolis is a natural monopoly. If the government regulates the system by setting the fare equal to marginal cost, which of the following will be true?
a. Price and output will be higher than if the monopoly were unregulated.
b. Price and output will be lower than if the monopoly were unregulated.
c. Price will be lower and output higher than if the monopoly were unregulated.
d. Price will be higher and output lower than if the monopoly were unregulated.
e. Profit will be lower than if the monopoly were unregulated, but price and output could either increase or decrease.
Negative feedback control of a regulated variable.
Quality control analytics
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