To earn an economic profit in the short-run, a monopolist sets marginal revenue equal to zero

A negative externality is the same thing as an external cost

Indicate whether the statement is true or false

When competition is present, self-interested business decision makers have a strong incentive to

a. produce efficiently. b. ignore the wishes of customers who are also self-interested. c. adopt technological improvements slowly in order to avoid making wrong decisions d. maximize price in order to maximize profits.