Consider the monopoly in the figure below with price regulated at $20 per unit. The deadweight loss under the regulated price is:  

The abbreviation GATT stands for:

a. General Analysis of Taxes and Transfers. b. General Agreement on Tariffs and Trade. c. Government Agency for Trade and Transportation. d. Government Agency for Treaties and Taxes. e. General Agreement on Terms of Trade.

Under perfect competition, entry of new firms into the market in the long run tends to:

a. raise the aggregate supply. b. raise the level of profit of the existing firms. c. raise the aggregate demand for goods. d. reduce the degree of competitiveness in the market. e. reduce the market power of the existing firms.