20. Assuming that firms maximize profits, how will the price and output policy of an unregulated monopolist compare with ideal market efficiency? (More than one answer is correct.)

a. The output of the monopolist will be too large and the price too high, compared to ideal market efficiency.

b. The output of the monopolist will be too small and the price too low, compared to ideal market efficiency.

c. The output of the monopolist will be too small and the price too high, compared to ideal market efficiency.

d. The monopolist's price will be too high, but the impact of monopoly on the output is indeterminate.

e. The unregulated monopolist will be in a position to charge a price greater than its ATC of production in the long-run.

21. Which of the following conditions is possibly true in long-run equilibrium for a monopolist, but not necessarily for a competitive price searcher and a competitive price taker?

a. P = MC

b. P = ATC

c. MR = P

d. MR < P

e. P > ATC