Question

suppose an industry initially had been perfectly competitive and then became a monopoly. which of the following would occur? a. consumer surplus would decrease b. consumer surplus would increase c. producers surplus would decrease d. the deadweight loss eliminated

Answer 1

An industry was initially completely competitive before turning into a monopoly. The level of consumer excess would drop.

What is meant by industry?

a division or offshoot of a manufacture, business, or creative endeavour. particularly one that makes use of a sizable workforce and significant financial resources, particularly in manufacturing systematic labour, particularly for some beneficial purpose or the production of something of worth.

What kind of industry would that be?

Industries are typically grouped based on the products and services they offer. For instance, all manufacturers who create and sell pizza on the market are included in the pizza industry. It is significant to remember that in order to be considered a member of the pizza industry, a producer must sell the goods they produce on the open market.

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