In reality, according to the model developed in Section 15.5 of ...

[evelyn o bentley]

In reality, according to the model developed in Section 15.5 of the textbook, prices of non-renewable resources have not increased continually because of
 
  A) abundance of the resource.
  B) technological progress changing marginal cost.
  C) changing market power of producers.
  D) All of the above.

Question 2

Explain using welfare measures whether consumers prefer a single price monopoly or a perfectly price discriminating monopoly.
 
  What will be an ideal response?

[triiciiaa]

Answer to Question 1

D

Answer to Question 2

Consumers prefer a single price monopoly because they gain some consumer surplus. No consumer surplus exists with a perfectly price discriminating monopoly.

[evelyn o bentley]

Thanks for the timely response, appreciate it

[bigcheese9]

Great answer, keep it coming