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7. Compared to a perfectly competitive industry, a monopolist ______. (Points: 1) produces a large quantity charges a higher price increases consumer surplus all of the above 8. Suppose a monopoly is producing at the profit-maximizing level of output. At that level of output ______. (Points: 1) marginal revenue equals marginal cost marginal revenue is greater than marginal cost marginal revenue is less than marginal cost price is less than marginal cost 9. In an industry characterized by extensive economies of scale ______. (Points: 1) small companies are more profitable than large companies large companies are more profitable than small companies small and large companies are equally profitable small companies will drive out large companies
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