Which of the following is true under unregulated monopoly?
a. Monopoly results in more output than under pure competition.
b. Monopoly results in a more efficient allocation of resources than competition.
c. Monopoly expands the choices available to consumers.
d. Monopoly results in lower output and higher prices than competition.
D
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The figure below shows the demand curve, marginal revenue curve, marginal cost curve and average total cost curve for a monopolist. 
At this monopolist's profit-maximizing level of output, it:
A. earns an economic profit of $16 per day. B. earns an economic profit of $64 per day. C. incurs an economic loss of $16 per day. D. incurs an economic loss of $64 per day.
Absent an ability to price discriminate, if a monopoly wants to sell more output, it must
a. raise its price b. lower its price c. increase barriers to entry d. obtain government permission e. negate its patent protection
In the 19th century John Deere took out a patent on a newly designed plow that incorporated steel to make plowing faster. Many farmers bought plows from his company and he made millions. This example shows that patents turn an idea into a
a. public good. b. societal good. c. private good. d. normal good.
Ceteris paribus, as the price of a good or service increases
A) people will buy more of it. B) people will buy less of it. C) people will want less of it. D) people will want more of it.