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Author Question: What is deadweight loss? a. It is the amount of surplus that consumers lose due to monopoly. b. It ... (Read 22 times)

waynest

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on: Jun 30, 2018
What is deadweight loss?
 a. It is the amount of surplus that consumers lose due to monopoly.
  b. It is the amount of surplus that producers lose due to perfect competition.
  c. It is the amount of surplus which is completely lost to society due to monopoly.
  d. It is the amount of surplus which was earned by consumers under perfect competition and is transferred to producers due to monopoly.

Question 2

If a firm has a perfectly elastic demand curve, then:
 a. it must be a monopoly firm.
  b. it can charge any price it desires.
  c. the firm has significant market power.
  d. the firm has no market power.
  e. the firm should shut down.


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Brenm

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Reply #1 on: Jun 30, 2018
Answer to Question 1

C

Answer to Question 2

d


waynest

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Reply #2 on: Jun 30, 2018
Thank you


Brenm

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Reply #3 on: Jun 30, 2018
No problemo


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