If we compare income percentages of total income of the lowest quintile in 1968 with 2008, we would find that it was

When compared to a perfectly competitive market, a single-price monopoly with the same costs produces ________ output and charges ________ price

A) a larger; a lower B) a smaller; a lower C) the same; a higher D) a smaller; a higher E) a smaller; the same

In a monopolistically competitive market, a successful new restaurant

A) can earn economic profits in the long run if it uses barriers to restrict entry by new restaurants. B) must obtain a trademark to ensure that it will break even in the long run. C) will face high entry barriers because of health and safety regulations to which all restaurants are subject. D) will earn zero economic profit in the long run because of free entry, but competition will lead restaurants to offer different versions of the same product.