A monopoly firm is a price taker is this true or false?

CHAPTER 8 Practice Test True or False For each of these statements, place a T in the blank if the statement is true or an P if the statement is false. 1. A natural monopoly is a right granted to a rm by government that permits the rm to provide a particular good or service and excludes all others from doing so. 2. A government monopoly is legally protected from competition. 3. A monopoly rm is a price taker. 4. Firms in an oligopolistic market act in an interdependent way. 5. Firms in a perfectly competitive market can sell all of their output at the market equilibrium price. 6. A monopolistic competitive rm can gain higher prots if it can differentiate its product from its competition. 7. A cartel is a group of rms that agree to act as perfect competitors. 8. Oligopolistic rms are price searchers because they may sell identical products and entry into the market is easy. 9. A perfectly competitive rm can increase its prots by selling its product for less than equilibrium price. 10. If a monopoly rm earns profits, firms outside the market will enter the market and take away some of those profits. 11. A monopoly searches for the highest possible price to charge buyers. 12. A monopolistic rm produces and sells 50 units of a good at a price of $5 per unit. Its total cost is $300. The rm's prot is $50. 13. You nd out that every gas station in your city sells gas at the same price per gallon. Based on this information alone, it is not correct to say that the gas stations have denitely formed a cartel