Refer to the scenario above. Alex should place a bid of ________

The total revenue curve of a monopolist:

A) is positively sloped when marginal revenue is negative. B) is negatively sloped when marginal revenue is negative. C) is positively sloped when the marginal revenue curve is upward sloping. D) is negatively sloped when the marginal revenue curve is downward sloping.

For a natural monopoly, long-run average costs

A) fall as output increases. B) rise as output increases. C) fall as output falls. D) rise as output falls.