Use your knowledge of microeconomics to solve the problems.

(Ch. 13) Which of the following statements is true about monopolies? O Marginal revenue is less than the price because the price effect outweighs the quantity effect. 0 Monopolies produce the efficient quantity of output that maximizes their own prot. 0 Monopolies face a downward-sloping demand curve because the quantity effect outweighs the price effect. 0 Natural monopolies are industries in which the total cost of one rm providing any relevant quantity of output is lower than the total cost of two rms sharing that quantity of output. (Ch. 13) When a monopoly rm is restricted by a government agency setting a price ceiling above its marginal cost but below its monopoly price... V consumer surplus will _... A. increase - V by_ B. less than - V producer surplus _.... C. decrease - V and total surplus will _. D. decrease E. {not enough information) F. not change G. more than H. the same amount as equate ' . (ambiguous) K. increase L. stay the same (Ch. 14) The table below includes the market shares for sushi in Roanoke. Use this information to calculate the HHI