Refer to the figure above. What is the change in consumer surplus when the market changes from perfect competition to a monopoly?
A) The consumer surplus increases by 30 units.
B) The consumer surplus decreases by 45 units.
C) The consumer surplus increases by 90 units.
D) The consumer surplus decreases by 135 units.
D
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Economists typically use ____ analysis, whereas clergy members typically use ____ analysis
a. positive; positive b. normative; normative c. positive; normative d. normative; positive
Less of an economy's resources will be channeled into building new factories and equipment when:
What will be an ideal response?
From an economic perspective, when consumers leave a fast-food restaurant because the lines to be served are too long, they have concluded that the:
A. Marginal cost of waiting is less than the marginal benefit of being served B. Marginal cost of waiting is greater than the marginal benefit of being served C. Management is exhibiting irrational behavior by not maximizing profits D. Management is making an assumption that other things are equal
A proprietorship is
A) difficult to form. B) taxed twice—once when it pays business taxes and again when its owner pays personal income taxes. C) not often found in developed economies, in which corporations have become the most common form of business organization. D) risky for its owner, who is personally responsible for the firm's debts.