One Way a Monopoly Can Convert Additional Consumer Surplus into Economic

question 59

Multiple Choice

One way a monopoly can convert additional consumer surplus into economic profit is to

• A) lower prices.
• B) raise prices.
• C) price discriminate.
• D) become more competitive.
• E) produce where price equals average total cost.

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Definitions:

Target Population

The total group of individuals or entities to which researchers intend to generalize the results of a study or survey.

Sampled Population

The subset of a larger population from which data is actually obtained for the purpose of statistical analysis.

Inferences

The process of drawing conclusions about a population's parameters based on a sample's statistics.

Conclusions

Final judgments or decisions derived after the completion of a process, experiment, or analysis.