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ECON 101 ASSIGNMENT #2 in the blanks to make the following statements correct. a. A perfectly competitive firm faces a demand curve, whereas a single-price monopolist faces a demand curve. b. A single-price monopolist that maximizes profits will produce at the output where equals A perfectly competitive firm (and industry) produces a level of output such that price marginal cost. The monopolist produces a level of output such that price marginal cost. c. A monopolist will be earning profits as long as price is average total cost. d. At its profit-maximizing level of output, marginal cost for a single-price monopolist is always the price it charges for its output