Author Question: A flour mill holding exclusive contracts to 95% of the wheat in a large geographic area may operate ... (Read 229 times)

Pineappleeh · **on:** Mar 14, 2021

Question 1

The loss associated with the fact that at the profit-maximizing quantity consumers value the goods more than it cost to produce them is called
◦ deadweight loss.
◦ comparative loss.
◦ Lerner Loss.
◦ Consumer Value Loss.

Question 2

A flour mill holding exclusive contracts to 95% of the wheat in a large geographic area may operate as a flour producing monopoly locally because
◦ the mill has a very inelastic supply curve.
◦ the mill is a natural monopoly.
◦ the mill controls a key input.
◦ the government will declare it a monopoly.

johnpizzaz · **Reply #1 on:** Mar 14, 2021

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