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:

Spiral Cleavage

A type of embryonic development in some molluscs and annelids where cells divide in a spiral pattern.

Anterior End

The front part or head end of an organism, usually where sensory organs are concentrated.

Head End

The anterior or front part of an organism, often containing the brain and sensory organs.

Common Ancestor

A hypothetical or actual species from which two or more descendant species evolved.