Based on the graphic for perfect competition versus monopoly, the change between the welfare of perfect competition and the welfare of a monopoly is ______.
a. a
b. b
c. -c
d. -a
c. -c
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Discuss the inefficiencies created by a price floor
What will be an ideal response?
If Debbye is willing to pay $50 for a pair of shoes but only has to pay $20 because the shoes are on sale, then her consumer surplus on that pair of shoes is
a. $50 b. $20 c. $70 d. $30 e. $25
Which of the following scenarios describes a tariff in the Tea Republic?
a. Commercial tea producers received a business tax credit of $2,500 per year. b. A fee of $1 per pound was charged on foreign tea entering the country for sale. c. A federal program offered $2,000 to new tea growing and processing operations. d. The government received $0.05 for every cup of brewed tea sold to consumers.
Exhibit 4-6 Demand and supply curves
If the market demand and supply curves shift as given in Exhibit 4-6, the resulting new equilibrium will show a(n):
A. increase in market price and a decrease in the quantity exchanged. B. decrease in market price and a decrease in the quantity exchanged. C. increase in market price and an increase in the quantity exchanged. D. decrease in market price and an increase in the quantity exchanged.