The consumer surplus lost because monopolists restrict the production of output represents a welfare loss because:
a. it is transferred to producers in the form of profit.
b. consumers pay a higher price than they would in a more competitive market.
c. society is not using its scarce resources in the best way possible.
d. of both a. and b., but not c.
Question 2
Developing countries often justify imposition of tariffs because:
a. it creates a burden on government budget.
b. it is easy to collect direct taxes from people in the developing countries.
c. a large number of people in the developing countries earn a taxable income.
d. developing countries find income taxes difficult to levy and collect.
e. the volume of imports of these countries is considerably low.
Primary production is constrained by the most limiting factor.
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