-In the Market Depicted in the Above Figure, If a Single-Price

question 228

Multiple Choice

-In the market depicted in the above figure, if a single-price monopoly maximizes its profit, which area shows the consumer surplus?

• A) area GHIL
• B) area HIJ
• C) area HJKG
• D) area NFL

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Definitions:

Contingent

Dependent on certain conditions or circumstances happening or being met.

Behavior

The responses or behaviors of an individual, whether human or animal, triggered by outside or inside factors.

Punishment

The imposition of a penalty or unpleasant consequence in response to an undesirable behavior, aimed at reducing or eliminating that behavior.

Extinction

In behavioral psychology, the gradual weakening and eventual disappearance of a conditioned response.