Compared to a competitive industry, a monopoly transfers
A) deadweight loss away from producers to consumers.
B) deadweight loss away from consumers to producers.
C) producer surplus to consumers.
D) consumer surplus to producers.
D
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The terms of trade can take on any value
A. below the seller's opportunity cost and above the buyer's opportunity cost. B. above the seller's opportunity cost. C. below the seller's opportunity cost and below the buyer's opportunity cost. D. above the seller's opportunity cost and below the buyer's opportunity cost.
Real GDP
a. is the current dollar value of all goods produced by the citizens of an economy within a given time. b. measures economic activity and income. c. is used primarily to measure long-run changes rather than short-run fluctuations. d. All of the above are correct.
Seasonally adjusted unemployment rates:
A. adjust for the predictable summer increase in the unemployment rate for teenagers. B. adjust for the predictable summer decrease in the unemployment rate for teenagers. C. are the same as the unadjusted rates in periods of bad weather. D. are not calculated for the U.S. economy.
A method of forcing a company to internalize the total cost of production is
A. to force the company to reduce the wages it pays to its employees. B. to impose a tax on the company to reduce production. C. to provide a subsidy to encourage production. D. for government not to interfere in the company's activities.