A perfectly competitive market has constant long-run average cost, LAC = LMC = $6 per unit and has industry demand curve: P = 12 - 0.2Q, where Q is denoted in thousands of units. Answer: a) Determine output, price, consumer surplus, and producer profit. b) Suppose that the industry were to become monopolized, so that the new price and output were P = $9 and Q = 15 thousand units. Recalculate consumer surplus and producer profit. Compare total welfare in Parts a) and b)