QUESTION 16 Figure 15-9 534 27 24.50 21 " Demand 800 9401180 Quantity Figure 15-9 shows the demand and cost curves for a monopolist. Refer to Figure 15-9. What is the difference between the monopoly output and the perfectly competitive output? 140 units 240 units 340 units 560 units

What is a legal monopoly?

Draw a monopolists demand curve, marginal revenue, and marginal cost curves. Identify the monopolists profit-maximizing output level. Now, think about a slightly higher level of output (sayQ0+1). According to the graph, is there any consumer willing to pay more than the marginal cost of that new level of output? If so, what does this mean?

What is the usual shape of a total revenue curve for a monopolist? Why?