Both parties gain in a voluntary exchange

A major characteristic of monopoly is that

A) no barriers to entry exist. B) the product is identical to that produced by other companies. C) a barrier to entry keeps out competitors. D) competition is intense. E) a few firms compete with each other.

If a price floor on coffee is set above the market-clearing price, then

A) the quantity of coffee demanded will decrease. B) the quantity of coffee supplied will increase. C) the quantity demanded for coffee will increase. D) Both A and B will occur E) none of the above will occur.