In a perfectly competitive market, the market demand curve is Qd = 100 - P, and the market supply curve is Qs = 20 + P. Suppose that one firm buys all of the other firms and ultimately becomes a monopoly. Draw a diagram, and use it to determine the following:

a. The competitive price and quantity

b. The monopoly price and quantity

c. The deadweight loss

(Hints: For a reminder about how to draw the market demand and marginal revenue curves, see Section 6.1; for a reminder about how monopolies determine their profitmaximizing price and quantity, see Section 6.2.)