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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