True or False:
1. In terms of the number of firms in an industry, monopoly is at the other end of the spectrum from perfect competition.
2. As long as market demand curves are downward sloping, the demand curves faced by monopolists will be downward sloping.
3. For a pure monopoly, the firm and the industry are one and the same.
4. A monopoly firm is a price maker, and it will pick a price that is the highest point on its demand curve.
5. Pure monopolies are a rarity because few goods and services truly have only one producer.
6. The cost advantage of a natural monopoly is due to economies of scale throughout the relevant output range.
7. As in perfect competition, in monopoly the demand curve for the firm’s product is downward sloping.