39. At the competitive outcome, what is the price elasticity of demand faced by competitive firms? a. 0 b. 1 C. 1.5 d. Infinity e. None of the above 40. Assume the industry becomes monopolized. What price will be charged and howmuch output will be produced? a. Q = 25, P =$15 b. Q = 25, P =$10 C. Q = 25, P = $5 d. Q = 45, P =$10 e. None of the above 41. At the monopoly outcome, what letter or letters represent consumer surplus? a. F, E, and D b. F. E, and B C. FandE d. Fonly e. None of the above 42. At the monopoly outcome, what letter or letters represent monopoly profits? a. A, B, andE b. A andB C. E and B d. B only e. None of the above43. At the monopoly outcome, what letter or letters represent deadweight loss? a. E, B, D, and C b. D only C. D and C d. C only e. None of the above 44. What can we say about resource allocation in monopoly? a. We have an overallocation of resources b. We have an underallocation of resources c. We have an inefficient allocation of resources, but cannot tell in which direction d. We have an efficient allocation of resources e. None of the above 45. What is the Lerner Indexfor the monopoly firm? a. 0 b. 0.5 C. 1 d. 1.5 e. None of the above