Refer to the figure above. Social welfare will be maximized if ________ units of Good Y are produced

The price ceiling depicted in the above figure results in

A) consumer surplus increasing from $30 thousand to $34.5 thousand. B) producer surplus decreasing from $24 thousand to $6 thousand. C) a deadweight loss of $16 thousand. D) Both answers A and B are correct.

In monopoly, the firm ______.

a. is a price taker b. will only operate on the bottom half of its demand curve c. cannot set both its price and the quantity sold; if the monopolist reduces output, the price will rise, and if the monopolist expands output, the price will fall d. all of these