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7. The following graph shows the demand, marginal revenue, and marginal cost curves in a monopoly market. Price $40 35 30 25 20 1 5

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7. The following graph shows the demand, marginal revenue, and marginal cost curves in a monopoly market. Price $40 35 30 25 20 1 5 1 0 Quantity a. Identify the protmaximizing price and quantity for this monopolist. b. What are the values of the consumer surplus, producer surplus, and deadweight loss in the market? c. How would consumer surplus change if this market were competitive

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