Under which assumptions is the consumer surplus a, Project Management

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Under which assumptions is the consumer surplus a

1. Under which assumptions is the consumer surplus a reasonable measure of the consumer welfare in a particular market?

2. Explain, in your own words, the monopoly-pricing formula.

3. Describe the hypothetical monopoly test (or SSNIP test) that is used to define a market.

4. Give the definitions of the Lerner and Herfindahl indices. What are these measures used for?

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