Refer to the information provided in Figure 13.9 below to answer ...

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Question 1

Refer to the information provided in Figure 13.9 below to answer the question(s) that follow. 









Refer to Figure 13.9. If Ohio Edison is regulated to act as a perfectly competitive firm (instead of the monopoly level),

◦ output would increase from 500 to 600 units.
◦ consumer surplus would increase by the area 
FGBC.
◦ the firm will earn profits of 
BEC.
◦ the net social gain to society equals 
ACF.

Question 2

Refer to the information provided in Figure 13.9 below to answer the question(s) that follow. 









Refer to Figure 13.9. If Ohio Edison is forced to act as a perfect competitor (instead of the monopoly level), the net social gain is

◦ ACF.
◦ FGBC.
◦ BEC.
◦ FABE.

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[Shelles]

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