Refer to Figure 16-1. What is the consumer surplus received under perfect price discrimination?
A) the area under the demand curve above P1 B) the area under the demand curve above P4
C) the area under the demand curve above P3 D) zero
Question 2
Although advertising raises the price of a monopolistic competitor's product, it does confer a benefit to consumers. Which of the following is a benefit to consumers?
A) Advertised products tend to be of higher quality so consumers feel special when they consume advertised products.
B) Advertising engenders brand loyalty.
C) Advertising could provide consumers with useful information about new products and enable them to comparison shop.
D) Advertising acts as a barrier to entry.
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