The measure of concentration in an industry that takes the sum of the squares of the market shares of each firm in the industry is called _______________.

Refer to the figure above. What is the consumer surplus when the market is perfectly competitive?

A) $30 B) $60 C) $90 D) $180

Which of the following statements about monopoly is not correct?

a. In order for a monopoly to persist, there must be barriers to the entry of other firms. b. When a monopolist increases production, the quantity effect will tend to increase total revenue and the price effect will tend to decrease total revenue. c. A monopolist can sell as much as it wants at whatever price it chooses. d. Because a monopoly has market power, it will charge a price higher than what would prevail under conditions of perfect competition