Assuming a Constant Cost Industry, Consumer Surplus Would Be Greater

question 197

True/False

Assuming a constant cost industry, consumer surplus would be greater under monopoly than if the industry were perfectly competitive.

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Definitions:

Neoliberal Economic Theories

A set of economic policies that emphasize free-market capitalism, deregulation, and a reduction in government spending.

Minimal Welfare

A social welfare system that provides only the most basic level of support to individuals who are unable to support themselves.

Neoliberal State

A type of government that strongly favors free-market capitalism, minimal government intervention in the economy, and reduction in social spending.

Authoritarianism

A political system characterized by a concentration of power in a leader or an elite not constitutionally responsible to the populace.