Refer to Figure 4-10. What is the area that represents the producer surplus after the imposition of the ceiling?

Perfect competitors produce goods that are

a. highly differentiated b. differentiated by firm c. poor substitutes for each other d. identical e. unique

Figure 11-6

The profit-maximizing monopolist in Figure 11-6 will produce ____ units of output.

a.
Q₁

b.
Q₂

c.
Q₃

d.
Q₄