and cost par unit 100 MC 24 20.80 20 18 Demand MR 0 62 8104 Quantity Figure 15-2 shows the cost and demand curves for a monopolist. 4) Refer to Figure 15-2. Assume the firm maximizes its profits. What is the amount of consumer surplus? A) $21 B) $124 C) $186 D) $332 5) Refer to Figure 15-2. What is the amount of consumer surplus if, instead of monopoly, the industry was organized as a perfectly competitive industry A) $21 B) $124 C) $186 D) $332 6) Refer to Figure 15-2. If this industry were organized as a perfectly competitive industry, the market output and market price would be A) output -62, price $24 B) output - 83, price $22 C) output- 62, price S$18 D) output = 104, price-520.80. 7 Refer to Figure 15-2. If the firm maximizes its profits, the deadweight loss to society due tol this monopoly is equal to the area A) AB B) ABEG. O ACE D) EFG

and cost par unit 100 MC 24 20.80 20 18 Demand MR 0 62 8104 Quantity Figure 15-2 shows the cost and demand curves for a monopolist. 4) Refer to Figure 15-2. Assume the firm maximizes its profits. What is the amount of consumer surplus? A) $21 B) $124 C) $186 D) $332 5) Refer to Figure 15-2. What is the amount of consumer surplus if, instead of monopoly, the industry was organized as a perfectly competitive industry A) $21 B) $124 C) $186 D) $332 6) Refer to Figure 15-2. If this industry were organized as a perfectly competitive industry, the market output and market price would be A) output -62, price $24 B) output - 83, price $22 C) output- 62, price S$18 D) output = 104, price-520.80. 7 Refer to Figure 15-2. If the firm maximizes its profits, the deadweight loss to society due tol this monopoly is equal to the area A) AB B) ABEG. O ACE D) EFG

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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