1. Consumer welfare is maximized under monopoly

a. True

b. False

c. Uncertain

d. None of these

2.The demand curve facing the purely competitive industry is relatively inelastic

a. true

b. false

c. uncertain

d. none of these

3.Which of the ff. is not the characteristics of pure competition

a. products are homogenous

b. price strategies by firm

c. freedom of entry and exit