Question

15. Which of the following statements about monopoly is (are) generally true? 1) Monopoly is inefficient because production takes place at P>MC. II) Because of the absence of competition, Schumpeter concludes that monopoly firms are not dynamically efficient III) In the long run, the monopolist's supply curve is more elastic than in the short run. (A) none (B) I only (C) II only (D) III only (E) I and II (F) I and III (G) II and III (H) I, II and III