With a monopoly, the total surplus is lower than it would be with a perfectly competitive industry

If all producers in a market are cartel members, then the demand curve facing the cartel is

A) the market demand curve. B) horizontal. C) identical to the demand curve in the dominant firm model. D) identical to the monopolist's demand curve.

The equilibrium price is best defined as the price at which

a. demand is smaller than supply b. suppliers want to supply more goods c. demanders want to buy more goods d. quantity demanded is equal to quantity supplied e. the quantity demanded increases