U U Suppose a monopoly firm is faced with the demand curve described in the first two columns of the following table, and its total costs of production are listed in the third column. How many units of output should the firm sell? tity of Output Qua{: etn:a?' d e:] P Selling Price Total Costs 4 $8 $30 3 $4 $36 Question 2 - A monopolist must decrease the price to sell an additional unit of the good. One implication of this statement is that (O the marginal revenue is always below the price. (O the marginal revenue curve is the demand curve. (O the firm will shut down when marginal revenue declines. (O the marginal revenue curve is horizontal. () the monopolist's marginal revenue and marginal cost are not equal at the profit-maximizing level of output. Question 3 1 pts Suppose that the graph below represents the market situation for a monopolist. What would each curve represent? (O Alis marginal revenue, B is the demand curve, and C is marginal cost (O Alis marginal cost, B is marginal revenue, and C is the demand curve (O Ais marginal cost, B is the demand curve, and C is marginal revenue (O Alis marginal revenue, B is marginal cost, and C is the demand curve (O Alis the demand curve, B is marginal revenue, and C is marginal cost Suppose that the graph below represents the market situation for a monopolist. What will be the monopoly price and quantity? Price Po Quantity O Price will be PO and quantity will be Q0 O Price will be P2 and quantity will be Q0 O Price will be P1 and quantity will be Q1 O Price will be P1 and quantity will be Q0 O Price will be PO and quantity will be Q1 Question 5 1 pts Compared to a perfectly competitive market, a monopoly results in O a lower level of output and a higher price. O a higher level of output and a higher price. O a lower level of output and a lower price. O a welfare-maximizing outcome. O a higher level of output and a lower price.Suppose that the graph below represents the market situation for a monopolist. Which area(s) represent a deadweight loss? Price (O A+B+C ) D+E+F+G 0 C+G O A+B (O D+E+F Question 7 1pts Suppose that the graph below represents the market situation for a monopolist. Which area(s) represent the producer surplus? Marginal cost Qy Quantity QO B+C oD O A+B O B+C+D O A+B+C Suppose that the graph below represents the market situation for a monopolist. Which areal(s) represent the amount of producer surplus that would have been consumer surplus in a perfectly competitive market? Price (O D+E+F+G O C+G () A+B+C O A+B (O D+E+F