States that restrict banks to having a single branch are said to require

Product differentiation

A) is possibly welfare enhancing if new products match consumer preferences better. B) is welfare reducing even if new products match consumer preferences better. C) is welfare enhancing even if new products do not match consumer preferences better. D) is welfare reducing even if new products do not match consumer preferences better.

If the average total cost curve is always above the demand curve of a monopolist: a. that monopolist will suffer economic losses

b. entry will occur, forcing the monopolist to reduce price and expand output. c. the monopolist will earn an economic profit. d. the monopolist must be producing inefficiently.