With a monopoly, the total surplus is lower than it would be with a perfectly competitive industry.

Name: With a monopoly, the total surplus is lower than it would be with a perfectly competitive industry.
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In a monopoly, the monopolist restricts production to raise prices and maximize profits, leading to a deadweight loss and a lower total surplus compared to a perfectly competitive market where prices and output are determined by market forces.

With a Monopoly, the Total Surplus Is Lower Than It