Question: The graph in Problem 11 depicts the market demand for 30-weight ball bearings. That particular market segment is monopolized by a single producer named Irwin.

The graph in Problem 11 depicts the market demand for 30-weight ball bearings. That particular market segment is monopolized by a single producer named Irwin. Referring to that graph:
a. How do the monopolist's price and quantity compare to the price and quantity that would prevail under perfect competition?
b. Shade an area in the graph that represents the deadweight loss due to Irwin's monopoly.

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