# Image transcription text \$38 \$36 \$34 \$32 \$30 \$28 S = MC \$26 \$24 \$22 \$20 \$18 \$16 \$14 \$12 D = MB \$10 \$8

Image transcription text \$38
\$36
\$34
\$32
\$30
\$28
S = MC
\$26
\$24
\$22
\$20
\$18
\$16
\$14
\$12
D = MB
\$10
\$8
6 7 8 9 10 11 12 13 14 15 16
Quantity (Q)
The graph above shows the supply and demand functions for a product produced in a small country
in a perfectly competitive industry. The demand function is the sum of the demand functions of all
the consumers in this country, the same as their marginal benefit functions. The supply function is
the sum of the marginal-cost functions of all the firms in the industry.
Start from the beginning.
A rich dude buys all the firms in this industry and forms a monopoly. So, now the demand function is
the function faced by this newly formed monopolist and the supply function is this monopolist’s
marginal cost function. The deadweight loss of this monopoly power will be:
DWL = \$16
DWL = \$18
CDWL = \$20
DWL = \$24
None of the above. Image transcription text S.MC
824
620
\$10
\$12
\$10
D MB
10 17 12 19 14 15 16
Quantity (Q)
The graph above shows the supply and demand functions for a product produced in a small country
in a perfectly competitive industry. The demand function is the sum of the demand functions of all
the consumers in this country, the same as their marginal benefit functions. The supply function is
the sum of the marginal cost functions of all the firms in the industry.
Start from the beginning.
A rich dude buys all the firms in this industry and forms a monopoly. So, now the demand function is
the function faced by this newly formed monopolist and the supply function is this monopolist’s
marginal cost function, The monopolist’s producer surplus equals
PS – \$100
PS – \$104
PS – \$108
PS – 1412
None of the above

(550 words)

Approximate price: \$22

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