Author Question: If a market is productively efficient, a. the output is being produced at the lowest possible ... (Read 13 times)

armygirl · **on:** Jun 30, 2018

If a market is productively efficient,
a. the output is being produced at the lowest possible resource cost
b. the output is selling for the lowest possible price
c. economic profit in the market is positive
d. the output being produced is what consumers want
e. no firm can earn a normal profit

Question 2

When a monopolist practices perfect price discrimination,
a. consumers receive no consumer surplus
b. there is allocative inefficiency
c. there is a deadweight loss
d. profit is lower than for the nondiscriminating monopolist
e. total revenue is less than for the nondiscriminating monopolist