1.) How does the price and output of a monopolist differ from that of the perfectly competitive industry?2.)What portion of the consumer surplus in the competitive situation was transferred to the firm in the monopoly situation 3.) how does a monopoly affect consumer surplus? It this good or bad?

ost curves, but assume the market is a monopoly. Therefore, MR represents the monopolist's marginal revenue curve and MC represents the monopolist's marginal cost curve. Using Figure 34.2, answer the following questions. Figure 34.2 Monopoly 12 MC ATC COSTS/REVENUE O MR D 3 5 6 7 8 9 10 11 12 QUANTITY