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7 . Monopoly and Price Elasticity Consider the relationship between monopoly pricing and the price elasticity of demand. If demand is inelastic and a monopolist raises its price, quantity would fall by a smaller _ percentage than the rise in price, causing profit to increase V . Therefore, a monopolist will always produce a quantity at which the demand curve is elastic. Use the purple segment (diamond symbols) to indicate the portion of the demand curve that is inelastic. (Hint: The answer is related to the marginal- revenue (MR) curve.) Then use the black point (plus symbol) to show the quantity and price that maximizes total revenue (TR). Demand Inelastic Demand Max TR Price AWNJOHNWACO VO Marginal Revenue 2 3 4 5 6 7 8 9 10 Quantity