A monopolist's profit is the product of the price charged by it and the quantity of output produced

Which of the following is true?

a. The best distribution of income can be determined objectively. b. The transfer of income from one group to another is costly; it will generally reduce total output. c. Positive economics can determine the variation in incomes that would be best for an economy. d. The fairness of an income distribution is determined by its pattern (the measured degree of income inequality). e. All of the above are true.

Because there are many sellers in monopolistic competition, sellers often have ______ control over the approach of competing sellers.

a. little b. significant c. varying d. average