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5. T/F/U (explanation required): (a) Welfare (defined as the sum of producer and consumer surpluses) cannot be maximized under monopoly. (b) Welfare ( defined as

5. T/F/U (explanation required): (a) Welfare (defined as the sum of producer and consumer surpluses) cannot be maximized under monopoly. (b) Welfare ( defined as the sum of producer and consumer surpluses) cannot be maximized under oligopoly

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