The above table has the total revenue and total cost schedule for Omar, a perfectly competitive grower of rutabagas. When Omar maximizes his profit, Omar's profit equals

Is a single-price monopoly efficient?

A) Yes, because it creates a deadweight loss. B) No, because it creates a deadweight loss. C) Yes, because consumers gain and producers lose some of their surpluses. D) Yes, because consumers lose and producers gain some of their surpluses. E) Yes, because it produces the quantity at which MR = MC.

Brinley says that "gas prices are rising because there aren't enough oil refineries." Katie argues that "gas prices are rising because of the growing demand for gasoline from China and India." We can conclude that:

A. Brinley's statement is positive; Katie's statement is normative. B. Brinley's statement is normative; Katie's statement is positive. C. Both statements are positive. D. Both statements are normative.