Assume a Hypothetical Case Where an Industry Begins as Perfectly

question 139

Multiple Choice

Assume a hypothetical case where an industry begins as perfectly competitive and then becomes a monopoly.As a result of this change

• A)price will be higher, output will be lower, and the deadweight loss will be eliminated.
• B)consumer surplus will be smaller, producer surplus will be greater, and there will be a reduction in economic efficiency.
• C)price will be higher, consumer surplus will be greater, and output will be greater.
• D)consumer surplus will be smaller and producer surplus will be greater. There will be a net increase in economic surplus.

---

Definitions:

McCombs and Shaw

Researchers known for establishing the Agenda-Setting Theory, which suggests that media has a significant influence on what topics the public perceives as important.

Self-generated Content

Content created and published by the users or entities themselves, rather than by external publishers or media outlets.

Earned Media

Refers to publicity gained through promotional efforts other than paid advertising, such as word-of-mouth, reviews, and media coverage.

Owned Content

refers to any media that a brand or individual creates and controls themselves, such as websites, blogs, and newsletters.