2.5 The following diagram illustrates the demand curve facing a monopoly in an industry with no economies or diseconomies of scale and no fixed costs. In the short and long run, MC = ATC. Copy the diagram and indicate the following:

a. Optimal output

b. Optimal price

c. Total revenue

d. Total cost

e. Total monopoly profits

f. Total “excess burden” or “welfare costs” of the monopoly (briefly explain)