The following graph shows supply and demand for a perfectly competitive market for time-stopping watches. On the following graph, use the grey point (star symbol) to indicate the equilibrium quantity. Then use the green points (triangle symbol) to shade the area representing consumer surplus. PRICE (Dollars pertime-stopping watch) 38 36 18 16 14 12 4 38328200RAZO Demand Equilibrium quantity 1101시 Demand Consumer surplus Supply 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 QUANTITY (Time-stopping watches) W Based on the graph, consumer surplus in the market for time-stopping watches is equal to $ Suppose the market for time-stopping watches was taken over by TS-Watch Corporation, a monopolist producing unique time-stopping watches. The following graph shows supply and demand for TS-Watch. Note that the demand curve facing the monopolist is the same as in the competitive market. On the following graph, use the black point (cross symbol) to indicate the profit-maximizing quantity. Then use the blue point (circle symbol) to indicate the profit-maximizing price. Finally, use the green points (triangle symbol) to shade the area representing consumer surplus. Based on the graph, consumer surplus in the market for time-stopping watches is equal to S Suppose the market for time-stopping watches was taken over by TS-Watch Corporation, a monopolist producing unique time-stopping watches. The following graph shows supply and demand for TS-Watch. Note that the demand curve facing the monopolist is the same as in the competitive market. On the following graph, use the black point (cross symbol) to indicate the profit-maximizing quantity. Then use the blue point (circle symbol) to indicate the profit-maximizing price. Finally, use the green points (triangle symbol) to shade the area representing consumer surplus. PRICE(Dollars per time-stopping watch) 40 38 36 34 22 20 18 16 14 12 10 8 4 2 о Demand Profit-maximizing quantity 1--4 Demand Profit-maximizing price Supply Consumer surplus MR 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 QUANTITY (Time-stopping watches) Based on the graphs, under monopoly, equilibrium quantity is market. And consumer surplus under monopoly is equal to $ TOTAL SCORE: 1/6 and equilibrium price is in the competitive which is in the competitive market. Grade Step 2 (to complete this stop and unlock the next stop) Save & Continue