a. Discuss the how monopolists create deadweight loss and explain how deadweight loss affects societal welfare? (5pts)

b. Evaluate the long-run equilibrium point of a monopolist with that of perfectly competitive firm and industry. Should the government dissolve BPL and allow competition to prevail? (5pts)

c. Calculate the consumer surplus, and producer surplus given: P = 120- .25 and MC + 2q =5. Illustrate your response. (5pts)