Some monopolies are regulated by setting a price that a monopolist cannot exceed over a specified period of time. This is called:  A)price cap regulation B)regulatory capture C)antitrust laws D) cost-plus regulation   2.Let's say that the equilibrium salary for professors is $70,000/year. If universities pay an average of $90,000/year, we can expect a ___________ of professors.  A)shortage B)surplus C)monopoly D)union   3.If college education becomes a requirement for working in a fast-food establishment, we may experience a _____________ in the supply of potential fast-food workers. A)increase B)rightward shift C)decrease D)surge   4.Minimum wage laws are examples of price floors, where an employer is:  A)Not allowed to pay wages higher that what is set by the law B)Should pay all workers the minimum wage set by the law C)Not allowed to pay wages lower than what is set by the law D)Not allowed to hire people who asks for wages higher than what is set by the law

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A: We know the relationship between revenue and elasticity: dRdp=q1-E

Q: c. What area shows the deadweight loss to society resulting from the monopolist's output decision?…

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Q: (a) What is the profit maximizing output for the monopolist? (Please enter without any units, if…

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Q: 7) Sometimes the government feels that they need to regulate a monopoly. They might try to tax the…

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Q: 3) Show (graphically) what impact a per unit tax would have on a monopoly. What would happen to the…

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