A monopolist would charge ____ prices and produce ____ output than would exist under perfect competition.
a. higher; less

Suppose Clyde always eats ice cream and chocolate syrup together. If the price of syrup increases by 10 percent, and the cross elasticity of demand is -2, the demand for ice cream

A) increases by 5 percent. B) increases by 20 percent. C) decreases by 5 percent. D) decreases by 20 percent.

If a firm operates in a imperfectly competitive market, it may be able to price its products in local currencies above world prices for their goods. This is called

A) pricing to market. B) trade war. C) trade stickiness. D) price gauging.