Author Question: If a perfectly competitive market becomes a monopoly and the costs do not change, which of the ... (Read 92 times)

ereecah · **on:** Jun 29, 2018

If a perfectly competitive market becomes a monopoly and the costs do not change, which of the following allocations of costs and benefits applies?

A) The producer benefits, but consumers and society are harmed.
B) The producer and society are harmed, but consumers benefit.
C) The producer and society benefit, but consumers are harmed.
D) The producer is harmed, but consumers and society benefit.

Question 2

The output at which average product is a maximum is the same output at which ________ is a minimum.

A) average fixed cost
B) average variable cost
C) average total cost
D) marginal cost