Question: a. 172 CHAPTER NINE C. 2. Use the following graph to answer the following questions: 20 16 1 15 2358 13 P 12 Units of

a. 172 CHAPTER NINE C. 2. Use the following graph to answer the following questions: 20 16 1 15 2358 13 P 12 Units of Variable Input MR MARKET EQUILIB 20 25 28 What price is charged by the monopolist in order to maximize profits? b. Calculate the total revenue accruing to the mo- nopolist at the profit-maximizing output. Calculate the total cost to the monopolist at the profit-maximizing output. 2 2.5 3 MC 4.5 6 e. d. Calculate the profit for the monopolist. Calculate the total variable and fixed costs of the monopolist at the profit-maximizing output. f. Now assume the MC curve represents mar- ket supply for a perfectly competitive market. What would the equilibrium price and quan- tity be for perfect competition? Are consumers better off or worse off with perfect competition or monopoly? AVC D 3. List differences and similarities among monopo- lies, oligopolies, and monopolistic competition. Be prepared to give examples of each form of imper- fect competition on the selling side. 50 ATC Price per Total Cost

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