Which of the following statements are correct regarding price and/or output comparisons for a monopoly and a perfectly competitive industry given the same demand and cost information? Suggestion: Consider doing the comparisons in a graph for a monopoly. There is more than one correct answer to this question. You must mark all of the correct answers to receive full credit for this question.

1- The output is the same in the perfectly competitive industry and the monopoly.

2- The monopoly price is lower than that found under perfect competition.

3- The perfectly competitive industry output is larger than that of a monopoly.

4- The perfectly competitive industry output is smaller than that of a monopoly.