Question: comparing first-degree price discrimination under a monopoly market structure, one can conclude that: 1. producer surplus is lower and consumer surplus is higher under competition.

comparing first-degree price discrimination under a monopoly market structure, one can conclude that: 1. producer surplus is lower and consumer surplus is higher under competition. 2. total surplus is lower under competition. 3. producer surplus is higher and consumer surplus is lower under competition. 4. deadweight loss is lower under competition. 5. total surplus is higher under competition. (choose only one answer: mcq)

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