1)Increased information _____ providers' monopoly power, thus _____ the prices paid by clients

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1)Increased information _____ providers' monopoly power, thus _____ the prices paid by clients.

a. increases; increasing.

b. increases; reducing.

c. reduces; reducing.

d. reduces; increasing.

2)Which of these statements regarding the differences between monopoly and a competitive market are true? Choose one or more:

A. A monopoly is a price maker, while a competitive firm is a price taker.

B. A monopolist will produce less than the output produced in a perfectly competitive market.

C. A monopolist can earn profits in the long run, but a firm in a perfectly competitive market cannot.

D. There are more firms in a competitive market than in a monopoly.