Micro

Worksheet 61.4: Monopoly Graph Review After watching Jacob Clifford's video titled "Micro 4.2 Monopoly Graph Review and Practice" found at https://www.youtube.com/watch?v=ZiuBWSFlfoU, answer the following questions based on this graph. Numbers in parentheses give a hint as to the number of letters needed for correct answer. Remember to start from the origin (0) if necessary. MC d ATC b g h f a MR B 1. Point where MR=MC (1) B 2. Profit-maximizing level of output for monopoly (2) 3. Price at profit-maximizing level for monopoly (2) 4. Is the firm earning an economic profit or loss? eigh 5. Rectangle of revenue for monopoly (4) eicd 6. Rectangle of profit or loss (4) h 7. Unit cost at profit-maximizing output (2) 8. Rectangle of total cost (4) 9. Price at profit-maximizing level for purely competitive firm (2) 10. Profit-maximizing level of output for pure competition (2)