A monopolized market is characterized by all of the above a single firm facing the market demand curve, very strong bamsers to entry a sole seller of a product for which there are few suitable substitutes QUESTION 2 A monopoly will price its product at that point on the market demand curve which intersects the marginal cost curve where total revenue is maximized where total costs are minimized at that point on the market demand curve corresponding to an output level in which marginal revenue equals marginal cost QUESTION 3 A monopoly will maximize profits by producing an output level where MR = MC faces the market demand curve which is downward sloping all of the above has a marginal revenue curve which slopes downward and lies below its demand curve QUESTION 4 One of the necessary conditions for price discrimination to occur is that buyers in different markets have different elasticities of demand CO buyers must be allowed to resell the good at a higher price elsewhere. the demand curve is upward sloping all of the above are necessary for price discrimination to occur.