Which of Following Is True of Monopoly and Not of Perfect

Multiple Choice

Which of following is true of monopoly and not of perfect competition?

A) Profit is maximized where marginal cost equals marginal revenue
B) The industry demand curve is also the firm's demand curve
C) Normal profits are made only if average total cost equals average revenue
D) Profit is maximized in the elastic portion of the demand curve
E) the firm has no control over the market price