23.Uber argues that its surge pricing increases overall welfare in the rides market.Explain this argument, considering both supply and demand.

24.(1)Check the correct response below:The deadweight loss of monopoly is caused by:

___ The transfer of consumer surplus to the producer due to higher monopoly price.

___ The lower quantity in the market due to the monopolist restricting output.

___ Both of the above.

25.(2)Public policies that move a market off of a competitive equilibrium tend to create deadweight losses (the loss of mutually beneficial exchanges) and so have to carry a burden of proof that their benefits exceed these costs.Consider a public policy that moves a monopoly outcome off of its equilibrium.Will this necessarily make a deadweight loss?Explain.