The Portion of Consumer Surplus That No One in Society

question 232

Multiple Choice

The portion of consumer surplus that no one in society is able to obtain in a situation of monopoly is known as

• A) a market failure.
• B) a deadweight loss.
• C) an unrealized loss.
• D) a market externality.

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Definitions:

Periodic Tenancy

A lease interest in land for an indefinite period involving payment of rent at fixed intervals, such as week to week, month to month, or year to year.

Specify

To state or describe something clearly and precisely.

Revoke

To officially cancel, withdraw, or annul a decision, order, or agreement.

Impunity

Exemption from punishment or loss or escape from fines in cases where actions could typically result in such consequences.