1.A monopoly is inefficient solely because the monopolist gets a profit at the expense of consumers.                        (True/False) 2. To show the deadweight loss from monopoly, we compare the...

1.A monopoly is inefficient solely because the monopolist gets a profit at the expense of consumers.

 (True/False)

2. To show the deadweight loss from monopoly, we compare the monopoly outcome to what would happen under
.

3. Relative to a competitive market equilibrium, the profit maximizing quantity chosen by a monopolist will result in a deadweight loss because the monopolist will produce at a quantity
than the competitive equilibrium.

4. The average cost for providing off-street parking is $30 per space per day, and as a monopolist you could charge $35 per space per day for 200 spaces. The maximum amount that you are willing to pay for a monopoly is $
 .

5. The profit-sharing agreement between Michigan and the Native American tribes for casinos is an example of .
  (Related to Application 2 on page 574.)