A monopolist faces the trade-off that a higher price leads to a lower quantity demanded. This means that the monopolist faces a(an):

When underproduction occurs,

A) producers gain more surplus at the expense of consumers. B) marginal cost is greater than marginal benefit. C) consumer surplus increases to a harmful amount. D) there is a deadweight loss that is borne by the entire society. E) the deadweight loss harms only consumers.

When a consumer spends less time enjoying leisure and more time working, she has

a. lower income and therefore cannot afford more consumption. b. lower income and therefore can afford more consumption. c. higher income and therefore cannot afford more consumption. d. higher income and therefore can afford more consumption.