Question 1
Refer to the information provided in Figure 13.9 below to answer the question(s) that follow.
Refer to Figure 13.9. From society's point of view, the efficient level of electricity production is ________ megawatts.
◦ 500
◦ 600
◦ 800
◦ 1200
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 produce the efficient level of electricity (instead of the monopoly level)
◦ the net social gain equals area
BEC.
◦ the monopolist loses profits equal to
FABE.
◦ consumers gain consumer surplus of
AFC.
◦ the monopolist earns a profit of
FGBC.
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