Assume a Hypothetical Case Where an Industry Begins as Perfect

question 73

Multiple Choice

Assume a hypothetical case where an industry begins as perfect competition and then becomes a monopoly.As a result of this change

• A)price will be higher, output will be lower, and the deadweight loss will be eliminated.
• B)consumer surplus will be smaller, producer surplus will be greater, and there will be a reduction in economic efficiency.
• C)price will be higher, consumer surplus will be greater, and output will be greater.
• D)consumer surplus will be smaller and producer surplus will be greater. There will be a net increase in economic surplus.

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Definitions:

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The degree to which a client feels that the service or product provided meets or exceeds their expectations.