Final answer:
In the context of first-degree price discrimination, there is no consumer surplus because the monopolist captures all potential surplus by charging each consumer the highest price they are willing to pay. Producers, however, do have surplus since they are maximizing their profits, and there is no deadweight loss as resources are allocated efficiently.
Step-by-step explanation:
As a result of a seller practicing first-degree price discrimination in the market for a good or service, there will be no consumer surplus. First-degree price discrimination, also known as perfect price discrimination, occurs when a seller charges each buyer their maximum willingness to pay, capturing all consumer surplus and turning it into producer surplus. In theory, this approach results in the same quantity being produced as in a perfectly competitive market, with the monopolist attaining maximum possible profits and zero consumer surplus.
By contrast, producer surplus does exist in this scenario as the producer captures the maximum possible profit by selling each unit at the highest price consumers are willing to pay. Therefore, the answer to the question is that there will be no consumer surplus due to the practice of first-degree price discrimination. Additionally, due to the efficient allocation of resources at the quantity that equates the monopolist's marginal cost and the consumer's willingness to pay, there is no deadweight loss.