1. The below graph pertains to the demand and marginal cost curves for a monopolist. Complete the graph and show the following: monopolist quantity, price, consumer surplus, producer surplus, and deadweight loss. P MC = ATC 3. Dr. Arina is the only primary care physician in the countryside of the Adygea Republic with no other primary care providers. She charges a different rate to every patient based on the patient's willingness to pay. She is criticized by the local community as being inconsistent, arbitrary, and random. In her defense, her economist sister, Milana, argues that Dr. Arina works very hard and provides the optimal amount of primary care for the people of the countryside of the Adygea Republic. Evaluate Milana's statement. Is it true, false, or uncertain? Explain. \f6. Which of the following statements is incorrect about the short-run total production curve? a) It increases at an increasing rate initially. b) It increases at a decreasing rate after the marginal product of labor reaches its maximum. 0) It starts to decline once the marginal product of labor becomes zero. (1) It starts from a positive point on the vertical axis. e) While its shape is initially convex, it becomes concave after the marginal product of labor reaches its maximum. 7. The market for generic drugs resembles perfect competition for the following reasons, except: a) Homogenous product. b) Patent protection. 0) Price equals marginal cost. d) Easy entry and exit. 6) Producers make zero economic profit. 8. Which of the following statements about perfect price discrimination under monopoly is incorrect? a) The monopolist maximizes its profits by acquiring 100 percent of the consumer surplus. b) The monopolist produces at the socially optimal level. 0) The monopolist charges everyone a different price based on their willingness to pay. d) The monopolist increases quantity until price equals marginal cost