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8. The following exhibit, shows the prot maximizing;I quantity and resulting quantity. profit, total revenue and total cost for a monopoly market. Using the following exhibit explain how the monopoly market's results are different, when compared to what the results would have been if the market was In perfect competition: Step 2 Look at demand curve to see what price to charge Marginal . cost R M8898 003! Step 3: Identity proiit A. In general what is different in terms of quantity of output between the two markets? B. In general what is different in terms of price in the two markets? C. What does this mean in terms of producer and consumer surplus? D. Which market would have greater net consumer and producer surplus? I Chapter 12 For your own study dene the following terms: monopolistic competition. oligopoiy, cartel Questions: 01. A monopolistic competitor has some elements of monopoly and some elements of competition. How does entry of additional monopolistic competitors into a market affect economic prots