Compared to perfect competition, the consumer surplus in a monopoly
A) is lower because price is higher and output is lower.
B) is unchanged because price and output are the same.
C) is eliminated.
D) is higher because price is higher and output is the same.
A
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The net effect of savings of the asset substitution, induced retirement, and bequest effects combined is that people save ________they would have without Social Security.
A. slightly less than B. the same as C. more than
Banks create money when they make loans
a. True b. False Indicate whether the statement is true or false
The usefulness of money in carry out transactions is its ________ and the nominal interest rate is its ________.
A. benefit; cost B. demand; supply C. supply; demand D. cost; benefit
When price is $6
A. there is a surplus.
B. there is a shortage.
C. there is both a surplus and a shortage.
D. there is neither a surplus nor a shortage.