Firms that are not in pure competition face downward-sloping demand curves. This means that to increase the quantity of sales, they must lower their prices. As a result: O Marginal Revenue and Price are equal O Price and Revenue are no longer related O Marginal Revenue is less than Price O Price is less than Marginal Revenue Question 3 1 pts Comparing monopoly and competitive market structures, "Efficiency Loss" refers to: O Shortages caused by monopoly underproduction. O Surpluses caused by high monopoly pricing. The production gap resulting from under-allocation of resources. O Underground markets developing to supply the monopoly good. Question 4 1 pts By definition, monopolies have no competition. Business costs are often higher than they would otherwise be. The firm is also responsible for the entire market demand. As a result, monopolies will always: O Earn persistent profits None of these Underproduce, at higher prices O Charge the highest price O All of theseA monopoly can choose it's level of production, or it's selling price, but not both. Why is this