(Figure: Profit-Maximizing Quantity and Price VI) Which of the Following

question 61

Multiple Choice

(Figure: Profit-maximizing Quantity and Price VI) Which of the following statements is (are) TRUE? I. The deadweight loss owing to market power is $225.
II) The price under perfect competition is $10.
III) Consumer surplus under perfect competition is higher than under monopoly by $337.50.

• A) I, II, and III
• B) II and III
• C) III
• D) II

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