The existence of a deadweight loss associated with a monopoly can be seen because
A) consumers are willing to pay more for the last unit of output than it cost to produce.
B) the cost of the last unit produced is more than consumers are willing to pay for it.
C) the producer surplus is larger than in a competitive market.
D) None of the above.
A
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Which of the following statements is supported by the research of economic historians?
(a) Canals and railroads were built with a mixture of private and public enterprise and financing. (b) Canals and railroads were built largely without U.S. government participation. (c) Canals were built with public assistance, but railroads were built with almost no government assistance. (d) Railroads were built with public assistance, but canals were built by private enterprise.
Productivity
a. is nearly the same across countries, and so provides no help explaining differences in the standard of living across countries. b. explains very little of the differences in the standard of living across countries. c. explains some, but not most of the differences in the standard of living across countries. d. explains most of the differences in the standard of living across countries.