Problem \#3: Social Welfare: Monopoly vs Perfectly Competitive Markets [12 points] Please answer the questions in this problem set using following two figures. 1. Figure A1 and Figure A2 respectively represent welfare effects in (3 points) a. Perfectly competitive and monopoly markets b. Monopoly and perfectly competitive markets c. None 2. Total social welfare (total surplus) in the perfect competition and monopoly are respectively represented by ( 3 points): a. A+B,D+E b. A+B,D+C c. A+B,C+E 3. Monopoly market likely to have a producer surplus but total surplus than perfectly competitive market (3 points). a. Lower, Higher b. Higher, Lower 4. In the above figure, the deadweight loss in the monopoly market is represented by (3 points): a. A b. B c. C d. D e. E