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A monopolist faces the following demand curve and marginal cost curve: P = 40 Q and MC = 2. Answer the following questions. (a) What

A monopolist faces the following demand curve and marginal cost curve: P = 40 Q and MC = 2. Answer the following questions.

(a) What is the prot-maximizing price and quantity?

(b) Calculate the area of deadweight loss associated with being a monopolist. Illustrate and label this area in the graph below.

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