The Figure Given Below Shows the Demand Curves of Two

question 98

Multiple Choice

The figure given below shows the demand curves of two classes of buyers, for tickets to a football match.Figure 11.4
D₁: Demand curve of group 1
D₂: Demand curve of group 2
MR₁: Marginal revenue of group 1
MR₂: Marginal revenue of group 2
MC: Marginal cost
-The long-run equilibrium price-output combination for a monopolist is economically inefficient because:

• A)it does not operate on the minimum point of its marginal-cost curve.
• B)it does not produce the level of output at which price equals marginal cost.
• C)consumer surplus is maximized but not producer surplus.
• D)producer surplus is maximized but not consumer surplus.
• E)it operates on the downward sloping portion of the average-total-cost curve.

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Definitions:

Western Media Companies

Organizations based in the Western world, particularly in Europe and North America, that produce and distribute content such as news, entertainment, and information.

Exporting Content

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Global Digital Divide

The gap between individuals, households, businesses, and geographic areas at different socio-economic levels with regard to their opportunities to access information and communication technologies.

Information and Communication Technologies

An umbrella term that includes all technologies for the manipulation and communication of information.