Use the graph below to answer the questions that follow. Pm and Qm denote the price and quantity if this market was a monopoly (and the supply curve would be the monopolist's marginal cost curve).Ppc and Qpc denote the price and quantity if this market was perfectly competitive.

1. 1. If this market was perfectly competitive, the coordinates of consumer surplus would be __________________.
2. 2. If this market was a monopoly, the coordinates of consumer surplus would be __________________.
3. 3. If this market was perfectly competitive, the coordinates of producer surplus would be __________________.
4. 4. If this market was monopoly, the coordinates of producer surplus would be __________________.
5. 5. If this market moved from perfect competition to monopoly, the area of consumer surplus would (increase or decrease) ________________ while the area of producer surplus would (increase or decrease) _____________________.
6. 6. If this market was a monopoly, society would like to see (more or less) ___________ produced.We know this because price would be (greater than, equal to, or less than) __________________ the marginal cost of production.
7. 7. A perfectly competitive market has no deadweight loss.However, a monopoly will produce deadweight loss.In this case, if the market above was a monopoly, the area of deadweight loss would be triangle _______________.We know a monopoly does not reach allocative efficiency because __________ does not equal ___________ at the profit maximizing level of output.