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220 210 MC 200 190 180 170 160 150 ATC MR 0 1 2 3 4 5 6 7 8 9 10 11 12 13

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220 210 MC 200 190 180 170 160 150 ATC MR 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Quantity 1. (5 points) Use the accompanying graph to answer the questions that follow . (a) Suppose this monopolist is unregulated. (1) What price will the firm charge to maximize its profits? (2) What is the level of consumer surplus at this price? (b) Suppose the firm's price is regulated at $80. (i) What is the profit maximizing (loss minimizing) level of output in the short run? (ii) In the long run, how much output will this firm produce if the price remains

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