Question

1. A price-discriminating monopoly

		sells a larger quantity than it would if it were a single-price monopoly.
		is illegal.
		cannot offer discounts.
		cannot control the price of its product.
		makes a smaller economic profit than it would if it were a single-price monopoly.

2. Assume someone organizes all farms in the nation into a single-price monopoly. As a result, the price consumers pay for food

		does not change, that is, it remains constant.
		falls.
		rises.
		might rise or fall depending on whether the demand for food is elastic or inelastic.
		might rise or fall depending on whether the monopoly's marginal revenue curve lies above or below its demand curve.