The figure below shows the cost and demand curves for a monopolist. Prlca and cost per unlt $30 24 ., 20 0 62 83 104 Quantity If this industry was organized as a perfectly competitive industry, the market output and market price would be 0 output = 83; price = $22. 0 output = 62; price = $24. 0 output = 62; price = $18. 0 output = 104; price = $20.80. Refer to the figure below, the deadweight loss due to a monopoly is represented by the area 0 O1 02 Quantity The figure below illustrates the cost curves of a perfectly competitive firm. Price and cos: {dollars per pound) MC A TC A VG P . P: w u _ Mn P'l """"" ' 3! 0 O1 (52 03 Quantity (thousands of pounds) Refer to the figure above, if the market price is P3, the firm 0 will earn enough revenue to cover its variable costs but not its fixed costs. 0 will produce a quantity of Q1. 0 will make a profit. 0 will break even