LO-1: Copy this diagram onto your MS Word file. (a) Describe the 20 points diagram. (b) Explain how a firm determines its (i) profit maximizing Output and (ii) profit maximizing price, when operating in a monopoly market. Identify the area that shows the profit made by the firm if maximizing profit. (6+8+4+2=20) * Marginal dost Cost and Revenue Monopoly Price Average Total Cost Demand Marginal Revenue 0 C11 QMAx C12 Quantity .1. Add file