Deadweight loss is
A) the amount of taxes that consumers and monopolists pay.
B) the loss of output when a perfectly competitive firm becomes a monopolist.
C) a loss of benefit to consumers in a monopoly that no one else in society can obtain.
D) the price that consumers pay for a product in excess of the average cost of producing it.
Answer: C
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Based on the information in the above table, what is the unemployment rate? What is the labor force participation rate?
What will be an ideal response?
Refer to the above figure. Which of the following points indicates an efficient use of resources?
A) a B) d C) e D) More information is needed to answer the question.
A vertical demand curve has
A) infinite elasticity. B) positive elasticity. C) zero elasticity. D) negative elasticity.
Figure 3-23
Refer to . The movement from point A to point B on the graph would be caused by
a.
an increase in price.
b.
a decrease in price.
c.
a decrease in the price of a substitute good.
d.
an increase in income.