What is deadweight loss?
a. It is the amount of surplus that consumers lose due to monopoly.
b. It is the amount of surplus that producers lose due to perfect competition.
c. It is the amount of surplus which is completely lost to society due to monopoly.
d. It is the amount of surplus which was earned by consumers under perfect competition and is transferred to producers due to monopoly.
C
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Graphically illustrate and explain the effects of an increase in the rate of technological progress on the Solow growth model. In your answer, you must clearly label all curves and the initial and final equilibria. In your answer, explain what happens to the rate of growth of output per worker and the rate of growth of output as the economy adjusts to this increase in the rate of technological
progress. What will be an ideal response?
According to the law of demand, if the price of a good increases, other things being equal, the quantity demanded will decrease
a. True b. False Indicate whether the statement is true or false