Each of the Following Statements Is True Regarding the Social

question 46

Multiple Choice

Each of the following statements is true regarding the social welfare function EXCEPT:

• A) it summarizes judgments about resource allocations.
• B) it assigns a number that indicates the overall level of social welfare.
• C) it was pioneered by Abram Bergson and Paul Samuelson.
• D) it is generally viewed as very weak economic theory.

Recognize the impact of monopolist pricing strategies, including nondiscriminating and price discrimination methods.

Interpret revenue curves and their relevance to monopolistic pricing and output decisions.

Assess the role of barriers to entry in maintaining monopoly power.

Understand the implications of monopolistic practices on economic welfare.