Compared to a perfectly competitive industry, a single-price monopoly with the same costs will
A) create less consumer surplus.
B) create less economic profit.
C) create a deadweight loss.
D) Both answers A and C are correct.
Ans: D) Both answers A and C are correct.
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The above table gives the demand and supply schedules for Blu-ray discs. Based on the table, the equilibrium quantity and price of a Blu-ray discs is
A) 28,000 and $12. B) 20,000 and $20. C) 16,000 and $24. D) 16,000 and $16.
Refer to above figure. With a specific tariff of $3 per unit, what is the quantity of Widgets produced domestically?
What will be an ideal response?
The "tragedy of the commons" is most likely to occur with which one of the following goods?
a. A national forest b. A mineral ore deposit c. A public highway d. A groundwater aquifer e. A city park
The strong interdependence of oligopolistic firms is shown by
A. their willingness to change prices frequently. B. their reluctance to advertise. C. their inability to form a price conspiracy. D. the vulnerability of their sales to the actions of their rivals.