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1) Suppose that a monopolist calculates that at its present output level, marginal revenue is $3

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1) Suppose that a monopolist calculates that at its present output level, marginal revenue is $3.00 and marginal cost is $3.00. It could maximize profits or minimize losses by 
Multiple Choice 
increasing price and decreasing output. maintaining its current price and maintaining its current output. decreasing output and leaving price unchanged. decreasing price and leaving output unchanged. 

2) The quantity demanded of a product increases as A. The price of the product rises. B. The price of the product falls. C. Consumer income rises. D. The prices of other products fall.