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1) Consider the following diagram that shows the demand, supply and marginal revenue curves for a monopolist: 125 75 - - - MC/Supply 25 MR

1) Consider the following diagram that shows the demand, supply and marginal revenue curves for a monopolist: 125 75 - - - MC/Supply 25 MR Demand 50 100 a) What is the competitive price? ) What is the monopoly price? C) What is the producer surplus? d) Under monopoly pricing, what is the consumer surplus? e) Under monopoly pricing, what is the deadweight loss? f) True or False: If the government were to introduce a price ceiling of $25, it would make the deadweight loss worse

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