The consumer surplus lost because monopolists restrict the ...

[theo]

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.

[sarahccccc]

Answer to Question 1

c

Answer to Question 2

d