1. In social welfare economics, what is the definition of social efficiency? 2. Image (A) below depicts social welfare in a market with a monopolistic seller. Is this market socially efficient? Why or why not? 3. Image (B) below depicts social welfare in a market with a monopolistic seller who is allowed to price discriminate (i.e. charge different prices to different consumers for the exact same good). Is this market socially efficient? Why or why not? Is it equitable? Why or why not?

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