With a monopolist's outcome, total surplus is generally _______ that of a competitive market.
A)higher than that
B)lower than
C)the same as
D)Any of these is possible.

Question

Quizplus · Accepted Answer

In a monopolist's outcome, total surplus is generally lower than that of a competitive market because monopolies tend to produce less and charge higher prices than competitive markets, leading to a loss of consumer and producer surplus.

With a Monopolist's Outcome, Total Surplus Is Generally _______ That