Please refer to the figure provided.   Imagine that this market could be perfectly competitive, controlled by a monopolist who charges a single price or a monopolist who charges each customer a different price 1. How much is producer surplus if the market is controlled by a single-price monopolist? $  2. Suppose now the monopolist is able to charge all customers the maximum price they are willing to pay, how much is the producer surplus?

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Perfect Competition

It is the structure of the market that is said to exist when with many buyers and sellers exchanging similar commodities and its price is fixed by the market forces, demand, and supply, and a single firm cannot cause an impact over the price or market value of the homogenous product. This structure of the market is called perfect competition.