100 150 200 Know how to answer basic firm behavior questions for a firm in a perfectly competitive market (for example, using the above graph) What is optimal quantity? What is price? What is total cost if producing at optimal quantity? o What is total revenue if producing at optimal quantity? What is profit if producing at optimal quantity? Chapter 9 - 8 questions Characteristics of monopoly market How monopolists maintain monopoly markets $/Q MC $30 ATC 24 AVC D 10 MR Q 50 100 150 200 117 Know how to answer basic firm behavior questions for a monopolist (for example, using the above graph) o What is optimal quantity? 0 What is price? O What is total cost if producing at optimal quantity? O What is total revenue if producing at optimal quantity? What is profit if producing at optimal quantity