The deadweight loss incurred when the market in the above figure is a single-price monopoly rather than perfectly competitive is the area

Which of the following is an effect of a price ceiling set below the equilibrium price?

A) Less of the good is produced with the ceiling than would be produced without the ceiling. B) The price ceiling has no effect on the market equilibrium. C) Consumers can buy more than they can at the equilibrium price because the ceiling price is lower. D) None of the above answers is correct.

Which of the following statements is NOT compatible with explanations for why peak-load pricing is more profitable than charging a single price?

A) Consumer willingness to pay for the product varies a lot across different time periods. B) Marginal cost of production is much higher under peak demand. C) Marginal revenue changes a lot across different time periods. D) Marginal revenue must be the same across different time periods.