Question: 1. a. Draw a graph for a monopoly. labeling all curves. Label the monopolist's profit-maximizing quantityr and price Q1 and P1. (Hint; Draw the graph

1. a. Draw a graph for a monopoly. labeling all curves. Label the monopolist's profit-maximizing quantityr and price Q1 and P1. (Hint; Draw the graph fairly big so that you can answer part b more easily). in. Now the government regulates the monopoly by putting a price ceiling on the good. Choose a level for the price ceiling {call it P2} and on your graph show what quantity the monopolist will produce {label it Q2}. What will happen in the market

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