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: The following will be solved below:

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A:

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Q: 1) Name three characteristics of a monopoly firm. 2) Give an example of a business that is…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

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A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: Copy and paste the questions onto a word doc. Use a scanning app to upload your answers. Graph the…

A: Note: "As per the guideline, in the case of multiple questions. We have to attempt the first one"…

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A: * ANSWER :-

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

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Q: Price Quantity cost cost $10 $8 $0 $9 1 8 $8 8. 8. $7 3 8 10 $6 4 8 11 $5 8 13 $4 6 8 16 $3 7 20 $2…

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