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Author Question: A single-price monopoly is ______. A. inefficient because it converts consumer surplus to ... (Read 74 times)

Arii_bell

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on: Jun 29, 2018
A single-price monopoly is ______.
 
  A. inefficient because it converts consumer surplus to producer surplus
  B. inefficient because it produces too small an output and creates a deadweight loss
  C. efficient because buyers are paying a price equal to their willingness to pay
  D. efficient because it is the only producer of the good

Question 2

What is the price of a unit of labor in a competitive labor market?
 
  What will be an ideal response?


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chereeb

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B The monopoly creates inefficiency by producing less than a competitive market to raise its price.

Answer to Question 2

The price of labor in a competitive labor market is the market wage. Competitive firms are price takers in the labor market, which means that they can hire all of the labor they want at the existing market wage.


Arii_bell

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

atrochim

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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