Under which one of the following market structures are sellers most likely to consider the reaction of rival sellers when they set the price of their product?

Reservation price is: a. the maximum amount a customer would be willing to pay for a unit of output. b. the minimum price at which a seller would be willing to supply the product. c. always equal to the marginal cost

d. the same as market price.

Identify the correct statement

a. A monopolist's pricing decision is limited by the demand for its product. b. A monopolist is able to choose any price and quantity combination that it desires. c. A monopolist can increase its profits by increasing price if the demand for its good is relatively elastic. d. A monopolist does not suffer losses even in the short run. e. A monopolist is not able to reap positive profits in the long run.