Consumer surplus decreases because of the lower quantity and higher price

Consumer surplus decreases because of the lower

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Consumer surplus decreases because of the lower quantity and higher price. Monopolists earn positive economic profits. Society suffers a deadweight loss. Quantity of violet diamonds Quantity of violet diamonds C A B Consumer surplus Producer surplus
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LO5 0 Price and Costs (Dollars) Quantity Monopoly Price Fair-Return Price Socially Optimal Price P r D r f b a P f P m Q m Q f Q r MR MC ATC 10-64
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