Suppose the Market for Diamonds Is a Monopoly

question 52

Multiple Choice

Suppose the market for diamonds is a monopoly.We can expect

• A)underproduction of diamonds.
• B)overproduction of diamonds.
• C)marginal social benefit to equal marginal social cost in the diamond market.
• D)an efficient quantity of diamonds.
• E)the allocation of diamonds to be first-come,first-served.

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