11. Which of the following contributes to a firm maintaining a monopoly? a. Exclusive control of an important input. b. A large number of firms in the industry. c. The existence of substitute goods. d. All of the above. Figure 2. MC 36 ATC MIKE OR COST Chillas pat only 15 MR 30 68 QUANTITY 12. Refer to Figure 2 for a monopolist in the short run. The profit-maximizing monopolist will produce: a. 58 units and charge a price of $15. b. 58 units and charge a price of $40. c. 68 units and charge a price of $36. d. 68 units and charge a price of $30. 13. At the long-run profit-maximizing equilibrium in a monopoly: a. Economic profits are zero. b. Price equals the minimum average total cost. C. Both a and b are correct. d. Marginal revenue equals marginal cost.14. Which of the following rules will always be satisfied when any firm (i.e. perfectly competitive or monopoly) has maximized profits? a. Price = lowest level of ATC. b. Price = MC. c. MR - MC. d. Total revenues are also maximized. 15. If a monopoly industry is characterized by having (earning) positive economics profits, in the long-run economists expect a. Price to decrease as new firms enter the industry. b. Profits to eventually fall to zero due to higher competition. c. Profits to continue if significant barriers to entry exist. d. The firm will decrease its price to treat customers 'fairly