pc 7. In the above graph what does area C represents: A. the total loss of surplus by consumers resulting from a monopoly B. the cost to society of increasing output from Qm to Qc C. consumer surplus redistributed to the monopolist D. the loss of surplus by producers resulting from a monopoly 8. A monopolist: A. will earns a profit in the short run and the long run B. will earns a profit in the short run but not in the long run C. can earn profits or incur losses in the short run D. can never incur a loss 9. Economist use to measure oligopoly power present in an industry: A. game theory B. a decision tree C. collusion ratios D. concentration ratios 10. The Organization of Petroleum Exporting Countries (OPEC) is considered a cartel by economists because they. A. firms agree to restrict output to increase prices and profits B. firms are controlled by the government C. firms in the cartel sell homogenous(undifferentiated) products D. firms sell a product with no close substitutes