
-Suppose the grocery store market in Kansas City is perfectly competitive.Then one store buys all the others and becomes a single-price monopoly.The figure above shows the relevant demand and cost curves.When the market is perfectly competitive,the quantity of steak is
A) 2,000 pounds.
B) 3,000 pounds.
C) 4,000 pounds.
D) 5,000 pounds.
E) less than 2,000 pounds.
Correct Answer:
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A) consumer surplus to