Question 1 1/ 1 pts The demand curve is perfectly elastic for both a perfectly competitive rm and a monopoly. downward-sloping for both a perfectly competitive rm and a monopoly. perfectly elastic for a competitive firm but downward-sloping for a monopoly. downward-sloping for a competitive fIrm but perfectly elastic for a monopoly. Question 2 1 pts Prots can never be increased by reducing 0 costs, fora monopoly. price, for a competitive rm. 0 price, for a monopoly. 0 costs, for a competitive rm. Question 5 1 pts According to evidence that prots revert to their mean at a rate of 40% per year, if prots are 100% above their mean today, in 4 years they will be about 0 equal to their mean. 0 60% below their mean. 0 3% above their mean. 0 13% above their mean. Question 6 1 pts New entry increases your |e| from 2 to 5. If you previously maximized prots at a price of $16, your new prot maximizing price is C) $6.40. 0 $10. 0 $8. 0 $16