Chapter 15/Monopolyv673Chapter 15MonopolyMultiple Choice1.Which of the following statements is correct?a.A competitive firm is a price maker and a monopoly is a price taker.b.A competitive firm is a price taker and a monopoly is a price maker.c.Both competitive firms and monopolies are price takers.d.Both competitive firms and monopolies are price makers.ANS: BPTS: 1DIF: 1REF: 15-1TOP: MonopolyMSC: Interpretive2.Angelo is a wholesale meatball distributor. He sel