9,5Answer all questions,Give exact coordinates for blanks And fill in all blanks Answers in bold easy to see

Attempts Keep the Highest / 4 5. Monopoly outcome versus competition outcome Monopoly Consider the daily market for hot dogs in a small city. Suppose that this market is in long-run competitive equilibrium, with many hot dog stands in the city, each one selling the same kind of hot dogs. Therefore, each vendor is a price taker and possesses no market power. + The following graph shows the demand (D) and supply curves (S = MC) in the market for hot dogs. Monopoly Outcome 4 Place the black point (plus symbol) on the graph to indicate the market price and quantity that will result from competition. Use the green point Consumer Surplus (triangle symbol) to shade the area that represents consumer surplus, and use the purple point (diamond symbol) to shade the area that represents PRICE (Dollars per hot dog) 2.5 producer surplus. 20 MC Producer Surplus 1.5 1.0 Deadweight Loss Competitive Market MR O o 0 50 100 150 200 250 300 350 400 450 500 QUANTITY ( Hot dogs) PC Outcome Consider the welfare effects when the industry operates under a competitive market versus a monopoly. Consumer Surplus On the monopoly graph, use the black points (plus symbol) to shade the area that represents the loss of welfare from a monopoly, or deadweight loss. That is, show the area that was formerly producer surplus or consumer surplus and now does not accrue to anybody. PRICE (Dollars per hot dog) Producer Surplus Deadweight loss occurs when a monopoly controls a market because the resulting equilibrium is different from the competitive outcome, which is S=MC efficient. In the following table, enter the price and quantity that would arise in a competitive market; then enter the profit-maximizing price and quantity that O 0 50 100 150 200 250 300 350 400 450 500 would be chosen if a monopolist controlled this market . QUANTITY (Hot dogs) Price Quantity Market Structure (Dollars) (Hot dogs) Assume that one of the hot dog vendors successfully lobbies the city council to obtain the exclusive right to sell hot dogs within the city limits. This Competitive firm buys up all the rest of the hot dog vendors in the city and operates as a monopoly. Assume that this change doesn't affect demand and that the Monopoly new monopoly's marginal cost curve corresponds exactly to the supply curve on the previous graph. Under this assumption, the following graph shows the demand (D), marginal revenue (MR), and marginal cost (MC) curves for the monopoly firm. Given the summary table of the two different market structures, you can infer that, in general, the price is lower under a_ and the quantity is higher under a_ Place the black point ( plus symbol ) on the following graph to indicate the profit-maximizing price and quantity of a monopolist. Use the green points Grade It Now Save & Continue (triangle symbol) to shade the area that represents consumer surplus, and use the purple points (diamond symbol) to shade the area that represents Continue without saving producer surplus