PAW 2025 Prom or Baker Strand Exam . in Clien Name (Law Firm) - Hostel Student ID. Instructions: Complete all the following problems in the blanks provided. 1. The diagram below shows a market supply, demand, and marginal revenue curve. On the graph, mark the competitive equilibrium price and quantity with an X and the monopolistic price and quantity with an O 800 750 700 650 600 550 500 S-MC 450 Price 400 350 300 250 200 150 100 D 50 MR 0 00 800 900 600 700 1,300 1,100 1,200 1,000 1,400 1,500 1,600 1,700 1,800 1,900 2.000 Quantity 2. Producer surplus in the monopolistic market is 3. Price in the monopolistic market is. 4. Deadweight loss due to monopoly isThe next few questions pertain to the normal-form game drawn below. The diagram refers to decisions made by two tech firms, Alpha and Beta, and the profits they derive from Research and Development of different types: general or specific research Alpha | Beta - General Specific General 3.3 1,4 Specific 4.1 2.2 5. What is Beta's best response action if Alpha decides to do general research? 6. At the Nash equilibrium, Beta earns payoffs of -and Alpha earns 7. If the firms could collude and agree to follow certain strategies, what would they agree on? Alpha: Beta: (write "general" or "specific" in each blank). 8. The diagram below shows a market supply, demand, and marginal revenue curve, but now the supply curve is perfectly flat! In the graph, mark the competitive equilibrium price and quantity with X and the monopolistic price and quantity with O. 400 375 350 325 300 275 250 225 Price 200 175 150 125 100 75 50 MR D 25 0 1,000 1,100 1,200 1,300 1,400 Quantity 9. Consumer surplus in the monopolistic market is 10. Deadweight loss due to monopoly is