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Monopoly practice
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1. What is the profit maximizing price and quantity?
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2. At which output does the price become inelastic?
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3. At which output is total revenue maximized?
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4. Describe what would be the area of consumer surplus.
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5. Using the letters on the graph, indicate which letters represent the area of deadweight loss.
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6. What would be the perfectly competitive Price and quantity?
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