Suppose a single firm gains control of an industry by preventing other firms from entering the industry. As a result, the price charged by the single firm is much higher than the price that would be charged by many different firms producing this product in a competitive market. This situation can best be described as:

When the United States was under the gold standard, recessions were ________ and long-term inflation was ________

A) more frequent; virtually nonexistent B) less frequent; virtually nonexistent C) more frequent; prevalent D) less frequent; prevalent

For a perfectly competitive corn grower in Nebraska, the marginal revenue curve is

A) downward sloping. B) the same as its demand curve. C) upward sloping. D) U-shaped. E) vertical at the profit maximizing quantity of production.