The Profit-Maximizing Behavior of a Monopoly Is Different from That

Multiple Choice

The profit-maximizing behavior of a monopoly is different from that of a competitive firm in that

A) their cost structures are different.
B) a monopoly can control only output level whereas a competitive firm can control only price.
C) a monopoly can control only price whereas a competitive firm can control only output level.
D) a monopoly can control both price and output level, but a competitive firm can control only output level.
E) a monopoly can control both price and output level, whereas a competitive firm can control neither price nor output level.