Powers of many regulatory agencies are designed to protect public health and safety

Compared to a perfectly competitive market, a single-price monopoly sets

A) a lower price. B) the same price. C) a higher price. D) a price that might be higher, lower, or the same depending on whether the monopoly's marginal revenue curve lies above, below, or on its demand curve. E) a price that might be higher, lower, or the same depending on whether the monopoly's marginal cost curve lies above, below, or on its marginal revenue curve.

The lowest wage for which a person is willing to supply labor is known as the

A) substitution wage. B) income effect. C) derived wage. D) reservation wage.