Which of the following market structures describes an industry in which a group of firms formally agree to control prices and output of a product?

A monopolist produces an output level where marginal revenue equals marginal cost and charges a price where marginal cost equals average total cost

a. True b. False Indicate whether the statement is true or false

In a planned economy, the concept of efficiency is

A. more important than in a market economy. B. less important than in a market economy. C. not important at all. D. as important as in a market economy.