Table: Prices and Demand Quantity of Hats Demanded 0 1 2 3 4 5 6 7 8 Price per Hat $30 28 26 24 22 20 18 16 14 (Table: Prices and Demand) Look at the table Prices and Demand. The New Orleans Saints have a monopoly on Saints logo baseball hats. The Saints sell at most one hat to each customer, and the table shows each customer's willingness to pay. The marginal cost of producing a hat is $18. How much is deadweight loss at the Saint's profit-maximizing output? Oa. $24 Ob. $12 Oc. $18 Od. $9

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Monopoly Market

When a company and its products dominate a sector or an industry, it is termed a monopoly. When a firm and its products control a market, then it is called a monopoly.