In the figure above, what is the loss of consumer surplus if the firm is a perfectly price-discriminating monopoly instead of a perfectly competitive industry?
A) $0
B) $22.50
C) $45.00
D) $90.00
D
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The above figure depicts the Edgeworth box for two individuals, Al and Bruce. If the endowment is at point a, and Bruce has no ability to bargain, the final allocation will be at point
A) a. B) b. C) c. D) d.
The GDP can overstate the economy because ___________.
a. it excludes self-production, increased leisure time, and improved health. b. it includes self-production, increased leisure time, and improved health. c. it excludes harm caused by pollution, crime, and income inequality. d. it includes harm caused by pollution, crime, and income inequality.
Private goods are characterized by two important attributes. What are they?
A. Marginality and depletability B. Scalability and desirability C. Repeatability and reliability D. Depletability and excludability
Which of the following is a final good or service?
a) a haircut purchased by a father for his 12 year-old son b) fertilizer purchased by a farm supplier c) diesel fuel bought for a delivery truck d) Chevrolet windows purchased by a General Motors assembly plant