Refer to Figure 13.9. If Ohio Edison is forced to produce the efficient level of electricity (instead of the monopoly level) , ________ equals area BEC.

A) the net social gain
B) producer surplus
C) consumer surplus
D) welfare loss

Net Social Gain

The total benefit to society after subtracting the costs associated with an economic activity or policy.

Consumer Surplus

The distinction between what consumers are inclined and financially able to pay for a service or good and the actual payment made.

Welfare Loss

The decrease in social welfare, usually measured as lost economic efficiency, due to factors like taxes, subsidies, or market distortions.