Refer to Figure 3-4. At a price of $25, how many units will be sold?

The market demand curve facing a monopolist is more elastic than the market demand curve facing a monopolistic competitor

Indicate whether the statement is true or false

Which of the following attitudes will be held by a typical firm in a typical cartel?

a. If I alone cheat, I'm better off; if everyone cheats, I'm worse off. b. I can never do better for myself than by following agreed-upon cartel policies. c. If everyone cheats, I'm better off and so is everyone else in the cartel. d. If I suspect others are planning to cheat, I'll do best for myself by deciding not to cheat.