In the United States, business cycles have occurred against a backdrop of a long-run trend of:

For a monopoly,

a. price and output are closely-linked choices b. marginal revenue always exceeds marginal cost c. price always exceeds average total cost in the short run d. price is set independently from the output decision e. price is always the highest that the market will bear

Which of the following is true for a monopolist that does not price discriminate?

a. P > MR because some revenue is lost from having to lower the price on all units sold b. P < MR because the monopolist must lower price to sell more output c. P = MR only at the profit-maximizing level of output d. P = MR because there are no close substitutes for the good e. P = MR because the firm faces a perfectly elastic demand curve