A monopolist faces a demand curve given by P = 40 - Q where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $2. There are no fixed costs of production. Hint: To answer the following questions, it may be helpful to draw a graph! What quantity should the monopolist produce in order to maximize profit? What price should the monopolist charge in order to maximize profit? How much profit will the monopolist make? | 361 What is the deadweight loss created by this monopoly? (Hint: compare the monopoly outcome with the perfectly competitive outcome). Monopoly deadweight loss = 180.5 If the market were perfectly competitive, what quantity would be produced