Assume a Hypothetical Case Where an Industry Begins as Perfectly

question 92

Multiple Choice

Assume a hypothetical case where an industry begins as perfectly competitive 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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