1. Which of the following is true under monopoly?

1. Price is less than marginal revenue.

2. Price is greater than marginal revenue.

3. Price is less than marginal cost.

4. Price is equal to marginal revenue.

5. Price is equal to marginal cost.

2. Consumer surplus is the area:

1. below the equilibrium price and above the demand curve.

2. below the equilibrium price and above the supply curve.

3. above the equilibrium price and below the supply curve.

4. above the equilibrium price and above the supply curve.

5. above the equilibrium price and below the demand curve.

3. Grocery store coupons, mail-in rebates, senior discounts, and in-state versus out-of-state tuition fees are all examples of:

1. price neutrality.

2. price discrimination.

3. government intervention.

4. illegal business practice.

5. arbitrage pricing.