For the Same Demand and Cost Conditions,which of the Following

question 41

Multiple Choice

For the same demand and cost conditions,which of the following is true?

• A)Consumer surplus and producer surplus are both lesser in a monopoly market compared to perfect competition.
• B)Consumer surplus is lesser but producer surplus is greater in a monopoly market compared to perfect competition.
• C)Consumer surplus is greater and producer surplus is lesser in a monopoly market compared to perfect competition.
• D)Consumer surplus and producer surplus are both greater in perfect competition than in a monopoly.

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Definitions:

Increased-Domestic-Employment

A situation where the number of jobs within a country rises, often as a result of economic growth or policies.

Net Exports

The value of a country's total exports minus the value of its total imports; it can be a positive number (trade surplus) or a negative number (trade deficit).

Wage Rates

The standardized amount of payment given to employees for their services, usually expressed per hour or per annum.

Labor Productivity

The quantity of goods and services that a worker produces in a given amount of time.