We read your photo as:

1.1: The allocative inefficiency of a monopoly is called...

Economics

ScanSolve AI Answer

Answer

A

Here are the solutions to the questions:

1.1.1: The allocative inefficiency of a monopoly is called...
In a monopoly, resources are not allocated efficiently, leading to a deadweight loss or excess burden on society. This means the price is higher and quantity is lower than what would be socially optimal.
The correct option is A.

A. excess\boxed{\text{A. excess}}

1.1.2: An example of a merit good is...
Merit goods are goods or services that are considered beneficial for society and would be under-consumed if left to the free market. Governments often subsidize or provide them. Education is a classic example of a merit good.
The correct option is A.

A. education\boxed{\text{A. education}}
Was this helpful?

Try one yourself

A new problem that tests the same skill.

Still stuck on this one?

Ask a follow-up, and the answer starts from this question.

Got a different question?Ask your own question
Handwritten step-by-step solution preview

Handwritten Step-by-Step Solution

Get this as a handwritten image on WhatsApp — like a tutor wrote it for you.

Try on WhatsApp