This is short answer

3. Comparing Monopoly and Perfect Competition Considerthe following graph of a monopoly. P P1 V Po MC D O~1 0'0 Q a. If there is just one producer in the above diagram, what is the consumer surplus, producer surplus and the deadweight loss of a monopoly? (2 Marks) b. If instead there were many producers as in a competitive market, what is the consumer surplus, producer surplus and total surplus? (2 Marks) 0. Comparing parts a and b, what is the inefciency of monopoly? (1 Mark)