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1. Compared to perfect competition, a monopoly will produce ________ output, and charge a ________ price.
a. more; higher
b. more; lower
c. less; higher
d. less; lower
2. If different markets for a product produced by a monopolist can be separated and if the elasticity of demand differs between the two markets, then the monopolist will
a. be able to make higher profits by using price discrimination.
b. charge a single price in all markets.
c. go out of business.
d. sell the product in only one of the markets with inelastic demand curves.
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