If a 10 percent price increase generates a 10 percent decrease in quantity demanded, then demand is

If pizza used to be produced in a perfectly competitive market, and now the pizza market has become a monopoly, we can expect:

a. less pizza to be sold at a higher price. b. more pizza to be sold at a higher price. c. less pizza to be sold at a lower price. d. more pizza to be sold at a lower price. e. the same amount of pizza to be sold at the same price.

If people have identical tastes, then the economic rent created by a common property is

a. zero. b. as large as possible. c. positive, but not as large as possible. d. negative.