S4 10 S18 Question 9. The following table gives information on the price, quantity, and total cost of production for a monopolist. Price Output Total Costs S5 0 $3 5 $8 $3 S2 $33 $1 20 $53 SO 25 $78 a. If the monopolist maximizes profits, what is the price that it will charge? b. How much profit will the monopolist earn at the profit- maximizing price? 15 Question 10. For each of the following characteristics, say whether it describes a monopoly firm, a monopolistically competitive firm, both, or neither. a. faces a downward-sloping demand curve b. has marginal revenue less than price c. faces the entry of new firms selling similar products d. earns economic profit in the long run e. equates marginal revenue and marginal cost f. produces the socially efficient quantity of output