Answer the following statement(s) true (T) or false (F)
1. The amount of output produced by two firms in a Cournot oligopoly setting is greater than that produced by a monopoly, but smaller than that which would be produced if the market were perfectly competitive.
2. According to the Bertrand model, price and output is higher under oligopoly than under competition.
3. A firm has monopoly power when it is the single seller of a good or service.
4. If a monopoly desires to raise its profits, it can simply raise the price it charges.
5. We know that the producer's surplus accruing to a simple monopoly firm must be greater than operating in a competitive market, else firms would not act as monopolists.
1. True
2. False
3. False
4. False
5. True
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Indicate whether the statement is true or false