Select the best answer for questions 1 and 2. 1. A monopoly is characterized by a. Many suppliers and many consumers b. Many suppliers but only one consumer c. A price that exceeds the marginal cost of production d. Zero profits for most situations e. The price being set within a competitive market for the good being produced 2. A typical single-price monopolist has decided to produce 100 units of the good it supplies. Which of the following is most likely to be false at this level of output? a. No other firms supply this particular good b. The marginal revenue of the 100th unit is equal to the price of the 100th unit c. There is some consumer surplus generated for purchasers of the good d. Consumers will pay a price equal to the maximum the monopolist can charge for 100 units, while being sure to sell all units e. The monopolist will earn a positive economic profit