9. How does a competitive market compare to a monopoly that engagcs in perfect price discrimi-
nation?
(A) In both cases, total social welfare is the same.
(B) Total social welfare is higher in the cempetitive mnarket than with the perfectly price dis-
criminating monopoly.
(C) In both cases, some potentially mutually benefcial trades do not occur.
(D) Consumer surplus is the same in both cases.
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