Refer to the given table. The change in income in round two will be:

A price floor is considered

A) "fair" based only on the fair results view. B) "fair" based only on the fair rules view. C) "unfair" based on both the fair results and fair rules views. D) "unfair" based only on the fair results view. E) "fair" based on the fair results view and on the fair rules view.

Refer to Figure 15-13. From the monopoly graph above, identify the area representing the deadweight loss

Would the deadweight loss be larger if the demand curve was more elastic or less elastic? What will be an ideal response?