From the point of view of economic efficiency, output in a monopolized market is
a. too high.
b. perfect.
c. too low.
d. undesirable.
Question 2
The principal difference between economic profits for a monopolist and for a competitive firm is that
a. monopoly profits create major problems of equity whereas competitive profits do not.
b. competitive profits exist only in the short run whereas monopoly profits may exist in the long run as well.
c. monopoly profits represent a transfer out of consumer surplus whereas competitive profits do not.monopoly profits are considered a deadweight loss but competitive profits are not.
d. monopoly profits are considered a deadweight loss but competitive profits are not.
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