Q 1.In Walnut Creek, California, there are three very popular supermarkets: Safeway, Whole Foods and Lunardi's. While Safeway remains open twenty-four hours a day, Whole Foods and Lunardi's close at 9 pm. Which of the following statements is true? 2.Which of the following is a characteristic shared by a perfectly competitive firm and a monopoly? 3.Which of following is the best example of a monopoly if we use a broader definition of monopoly? 4. When a natural monopoly exists in a given industry, the per-unit costs of production will be 5.Suppose that several competing companies are permitted to enter the market for cable TV services previously monopolized by Time Warner. As a result, the subscription price falls from Pm to Pc. What area represents the corresponding increase in consumer surplus?