The drug maker Pfizer enjoyed a monopoly of the antibiotic Lipitor because of patent rights

a. True
b. False
Indicate whether the statement is true or false

True

Economics

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Consumer surplus is equal to

A) marginal benefit minus price summed over the quantity consumed. B) price minus marginal benefit summed over the quantity consumed. C) marginal benefit summed over the quantity consumed. D) price multiplied by the quantity consumed. E) marginal benefit plus price summed over the quantity consumed.

Economics

Define “consumer surplus.”

Please provide the best answer for the statement.

Economics