If the newspaper market in Problem 17 were perfectly competitive, what would be the quantity, price, consumer surplus, and producer surplus?

Mark each on the graph.

The figure illustrates the situation facing the publisher of the only newspaper containing local news in an isolated community.

Transcribed Image Text:

Price and cost (cents per newspaper) 100 80 60 40 20 0 1 100 MC D 200 300 400 500 Quantity (newspapers per day)