The figure given below shows the income-expenditure model. Which of the following best describes the situation at point B?

In a constant cost industry, the cost curves of individual firms will shift upward as the industry output expands

a. True b. False Indicate whether the statement is true or false

What is deadweight loss?

a. It is the amount of surplus that consumers lose due to monopoly. b. It is the amount of surplus that producers lose due to perfect competition. c. It is the amount of surplus which is completely lost to society due to monopoly. d. It is the amount of surplus which was earned by consumers under perfect competition and is transferred to producers due to monopoly.