For Questions 1 through 5, please consider a market served by a monopolist. The monopolist has a linear marginal cost (shown here as Marginal Private Cost, MPCM) and a downward-sloping demand curve Do. Here is a graphical representation of that market. p MPCM Now suppose that this product has a significant negative externality. As a result of the negative externality, for every given output level Marginal Social Cost (MSC) is now higher than Marginal Private Cost (MPC) and is represented by MSC1, as shown below. Keep in mind that the setting is still that of a monopoly. MSC1 P MPCM Do