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

Economics

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Discuss the inefficiencies created by a price floor

What will be an ideal response?

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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

Economics

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.

Economics

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.

Economics