1-F,2-T,3-T,4-T

1-F,2-T,3-F,4-T

1-F,2-F,3-T,4-T

1-T,2-F,3-F,4-F

A single firm is very large

The government gives a single firm the exclusive right to produce some good.

The costs of production make a single producer more efficient than a large number of producers.

A key resource is owned by a single firm.

natural monopoly

perfect competitor

government monopoly

regulated monopoly

marginal revenue equals marginal cost

marginal revenue equals price

marginal cost equals price

marginal cost equals demand

In competitive markets, price equals marginal cost; in monopolized markets, price exceeds marginal cost

In competitive markets, price equals marginal cost; in monopolized markets, price equals marginal cost

In competitive markets, price exceeds marginal cost; in monopolized markets, price exceeds marginal cost

In competitive markets, price exceeds marginal cost; in monopolized markets, price equals marginal cost