Fill in the blanks to make the following statements correct.
a. A perfectly competitive firm faces a _______ demand curve, whereas a single-price monopolist faces a _______ demand curve.
b. A single-price monopolist that maximizes profits will produce at the output where _______ equals _______. A perfectly competitive firm (and industry) produces a level of output such that price _______ marginal cost. The monopolist produces a level d output such that price _______ marginal cost.
c. A monopolist will be earning profits as long 2 price is _______ average total cost.
d. At its profit-maximizing level of output, ginal cost for a single-price monopolist is always _______ the price it charges for its output.