Illustrates demand-supply of perfectly competitive industry

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Reference no: EM131085007

Draw a graph (hand-drawn is acceptable) that illustrates the demand and supply of a perfectly competitive industry. Indicate the following in your graph:

(a) the equilibrium price;

(b) the equilibrium quantity;

(d) producer surplus;

(e) the equilibrium price if the industry is a monopoly;

(f) the equilibrium quantity if the industry is a monopoly;

(g) consumer surplus if the industry is a monopoly;

(h) producer surplus if the industry is a monopoly;

(i) the deadweight loss in the industry is a monopoly; and

(j) the producer surplus if the industry is a monopoly that engages in perfect price discrimination.

(k) Does a deadweight loss exist if the industry is a monopoly that engages in perfect price discrimination?

Reference no: EM131085007

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