Refer to Scenario 10.9. At the profit maximizing level of output, what is the deadweight loss?

"If firms in an oligopoly operate as a monopoly, the industry produces the most output and if they operate as perfect competitors, the industry produces the least output." Is the previous statement correct or incorrect? Why?

What will be an ideal response?

When firms in a U.S. industry outsource some of their production,

A) both U.S. labor demand and U.S. wages in the industry fall B) U.S. labor demand falls, but U.S. wages are not affected. C) U.S. labor demand remains unchanged, but U.S. wages fall. D) U.S. labor demand falls, but U.S. wages increase.