An industry in which one firm can supply the entire market at a lower price than two or more firms is called a: O single-price monopoly O natural monopoly O price-discriminating monopoly O legal monopolyFor a monopoly, the industry demand curve is the firm's: O demand curve O supply curve O marginal revenue curve O profit functionMonopolists: O compete with other firms by restricting output O face downward sloping demand curves O take price as given O have no short-run fixed costsA monopoly rm expands its output and lowers its price. The rm nds that its total revenue increases. Therefore, the rm is operating in the: O elastic range of demand curve 0 inelastic range of demand curve 0 elastic range of supply curve 0 inelastic range of supply curve