1. Given the following profit-loss schedule in the short run, how many units should a firm produce? Quantity Marginal Total Cost Marginal Average Revenue Cost Total Cost 2 15 2 19.75 4.75 19.75 23.5 3.75 11.75 26.5 3 8.83 29 2.5 7.25 5 31 2 6.20 6 32.5 1.5 5.42 33.75 1.25 4.82 2 35.25 1.5 4.41 37.25 2 4.14 10 40 2.75 4.00 11 43 25 3.25 3.93 2. (True/False. Explain) Firms in perfect competition experience increase in short run economic profit if demand increases. 3. Differentiate between a price take and a price maker. 4. (True/False. Explain) A monopolist can convert the entire customer surplus into profit. 5. Provide examples of monopoly in the US market. How do they keep the deadweight loss low