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.

---

Definitions:

Federal Court

A court established by the federal government of a country, having jurisdiction over matters that fall within federal law.

Remedies

The means by which a violation of rights is redressed or the enforcement of a right is achieved, often involving legal processes or actions.

Minimum-Contacts Standard

A legal standard that determines whether it is fair for a court in one jurisdiction to assert its authority over a defendant from another jurisdiction.

Business Firm

An organization engaged in commercial, industrial, or professional activities with the purpose of generating profit.