The firm must be producing its output at the lowest possible cost

The firm must be technically efficient.

The firm must use its resources in a way which means that its MPK/MPL equals PK/PL

All firms which use the same types of capital and labour must face the same prices for them

Both X and Y

X only

Y only

Neither X nor Y

Both X and Y

X only

Y only

Neither X nor Y

A rise in total consumer plus producer surplus

A rise in producer surplus

A deadweight loss

A fall in consumer surplus

The monopoly would move from making a profit to making a loss

The monopoly would reduce its output

The monopoly would now set its output where its MC curve intersects its AR curve

The monopolist’s price would now equal its marginal cost