Compare a situation of market competition, monopoly, and monopoly with firstdegree price discrimination on a single graph. Assume that the firms are maximizing profits. Assume that the supply curve for the competitors is the same as the marginal cost curve for the monopoly situations. The demand curve is P : 200 C1. The Supply curve for competitors is P : 20 and the marginal cost (MC) curve for the monopolists is MC : 2Q. The total cost (TC) function is TC : C12. Draw the Supply Curve (marginal cost curve) with an upward slope and put letters in for areas. For the three situations compare i. the price (or prices) charged consumers (8), ii. the quantity sold (4), iii. consumer surplus (8), iv. producer surplus (8), v. total gains from trade (4). vi. The size of the deadweight loss. (4) vii. When comparing the singleprice monopoly to the firstdegree price discriminator, are there any consumers who are better off from the switch to firstdegree price discrimination? (4) Fill in the grid Below and then answer question vii using sentences. Competition Single Price Monopoly First-Degree Price Discrimination iii. Consumer Sur- lus v. Total Gains from Trade vi. Deadweiht Loss vii. Which consumers, if any, are better off under First-Degree Price Discrimination than under the Single Price Monopoly? iv. Producer Surplus