The Portion of Consumer Surplus That Would Have Existed in a Perfectly

question 191

Multiple Choice

The portion of consumer surplus that would have existed in a perfectly competitive market but is unobtainable by anyone in society under a monopoly is known as

• A) monopoly profits.
• B) an unattainable surplus.
• C) a deadweight loss.
• D) an external cost.

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Definitions:

Simplifications

The process of making something easier to understand or do by reducing its complexity.

Trade-Offs

Decisions made that involve a sacrifice of one thing to obtain another, often used in discussions of economic and personal choices.

Opportunity Cost

This represents the value of the best alternative foregone when a decision to pursue a certain action is made.

Given Budget

A specified sum of money allocated for a particular purpose, often within a fixed time period.