Place the black paint (plus symbol) an the following graph to indicate the profit-maximizing price and quantity of s monopolist. Due the green point (triangle syoube( no shade the area that represents consumer surplus, and use the purple paints (diamond sywide0 co shade the area that represents producer surplus. Monopoly Monopoly Outcame 40 Consumer Surplus PRICE [Dotes poor bol dog) Freducer Surplus 10 50 100 :0 200 250 300 350 400 450 800 QUANTITY pet dogs) Coraider the welfare affects when the industry operates under a competitive market versus a monopoly. On the monopoly graph, was the black points (plus apobol) to what's the area that represents the loss of welfare from a monopoly, or deadweight loss. That is, show the area that was forment producer surplus or consumer surplus and now does not accrue to anybody. Deadweight loss occurs when a monopoly controls a market because the mocking equilibrium in different from the competition outcome, which is In the following table, enter the price and quantity that would arise in a compare maximizing price and quantity that would be chosen if a monopolal controlled this market.Consider the daily market for hot dogs in a small city. Suppose that this market is in long-run competitive equilibrium, with many hat dog stands in the city, each one selling the some kind of hot dogs. Therefore, each vendor Is a price takes and possesses no market power. The following proph shows the demand (D) and supply curves (S = MC) In the market for hot dogs Place the black point (plus symbol on the graph no indicare the marker price and quantity that will result from competition. Use me green prix (tangle symbol) to where the wew that represents consume surplus, and use the purple point (diamond symbol) to shade the anew that represents producer surplus. Competitive Market 15 A Cousamar Surplus PRICE Dispochat cop) Producer Surplus 3-MIG QUANTITY (HOT BOUT Assume that one of the hot dog wanders successfully lobbies the city council to obtain the exclusive right to sell hot dogs with in the city limits. This firm buys up all the rest of the hot dog vendors in the city and operates as a monopoly. Assume that this change doesn't affect demand and that the new monopoly's marginal coax curve corresponds exactly to the supply curve on the previous graph. Under this assumption. the following graph shows the demand (D], marginal revenue [MR), and marginal cost (MC) curves for the monopoly firmIn the following table, enter the pass and quantity that would arise in a competitive market, then an res profit-maximizing priss and quantity that would be chosen if a monopolal controlled this market. Quantity Market Structurs (Dollars) (Hot dogs) Competitive Maropaly Given the commary table of the two different market crustures, you can inter that, In general, the price in higher under a and the quantity is lower under a