alleryMatch welfare gain: 1. Social: p. Surplus 2. Perfect: q. Highest 3. Monopoly: r. Lowest
A1-p, 2-q, 3-r
B1-p, 2-r, 3-q
C1-q, 2-p, 3-r
D1-r, 2-p, 3-q
Answer & Solution
Correct answer: A. 1-p, 2-q, 3-r
Total social welfare is highest in perfect competition and lowest under monopoly where consumer surplus is reduced.
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