Assume that the market indicated in this figure is perfectly

competitive:

a$.$ What is the equilibrium quantity?

b$.$ What is the equilibrium price?

c$.$ Which area represents the consumer surplus at this price?

ii$.$ Assume that the market indicated in this figure is a monopoly:

a$.$ What is the monopoly output?

b$.$ What is the monopoly price?

c$.$ Which area represents the consumer surplus at this price?

d$.$ Which area represents the monopoly profit at this price?

iii. Compared to pricing under perfect competition, which area

represents the loss in consumer surplus due to monopoly

pricing?

iv$.$ Compared to pricing under perfect competition, which area

represents the deadweight loss due to monopoly pricing?