Answer the practice questions below based on the graph:

1. Draw and label below a monopoly making a profit: Price MC AC D MR Quantity 2. In your graph above, Identify the elastic and inelastic range of the demand curve. 3. Also on your graph, label the quantity where total revenue is maximized Qt. 4. If a regular unregulated monopoly started perfectly price discriminating, what would happen to: a. market price - b. consumer surplus - c. deadweight loss