If a Competitive Market Becomes a Monopoly _____

question 16

Multiple Choice

If a competitive market becomes a monopoly _____.

• A) society's welfare increases
• B) producer surplus does not change
• C) there is a dead-weight loss in the market
• D) consumer surplus in the monopoly will increase

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Definitions:

Weakest Degree

The minimum intensity or level at which a particular phenomenon or condition exists or is perceptible.

Random Sample

a sample that fairly represents a population because each member has an equal chance ofinclusion.

Representative of the Population

A sample group or individual characteristics that accurately reflect the larger population from which they're drawn.

Positive Correlation

A relationship between two variables in which both variables move in tandem, meaning as one variable increases, the other one also increases.