Which of the following best characterizes the welfare implications of monopoly power? There is deadweight welfare loss
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There is deadweight welfare loss due to overconsumption, and the monopolist gains producer surplus at the consumers' expense.
There is deadweight welfare loss due to under consumption, and the consumers gains surplus at the producer's expense.
There is no deadweight welfare loss but the monopolist gains producer surplus at the consumers' expense.
There is deadweight welfare loss due to under consumption, and the monopolist gains producer surplus at the consumers' expense.
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