Use the Figure Below to Answer the Following Questions

question 57

Multiple Choice

Use the figure below to answer the following questions.

Figure 13.3.1
-Refer to Figure 13.3.1. If this market is a single-price monopoly, then

• A)it is efficient because the monopoly is maximizing economic profit.
• B)price is equal to marginal cost and the outcome is efficient.
• C)price is less than marginal cost, and consumer surplus is less than in a perfectly competitive market.
• D)price is greater than the marginal cost and the outcome is inefficient.
• E)the outcome is inefficient because the monopoly's costs are too high.

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