Monopoly vs. Perfect Competition

This monopoly will maximize profits at what price?

• A
• B
• C
• R

Economic profits for this monopoly are represented by area:

• 0CGE
• 0AJE
• AJHB
• BAJN

Total costs for this monopoly are represented by area:

• BKL0
• CGE0
• AJE0
• BHE0

Total revenue for this monopoly is represented by area:

• 0CGE
• 0AJE
• AJHB
• BAJH

For this monopolist, what is the area of consumer surplus?

• ABHJ
• AJGC
• ARJ
• ARJE

This perfect competitor will maximize profits at what output level?

• A
• B
• C
• D

This perfect competitor will shut down below which price/output relationship?

• K
• M
• L
• R

At price G, the area of which rectangle represents total revenue for the profit-maximizing perfect competitor?

• 0GKC
• 0FJC
• FGKJ
• EFJH

At output level C, total variable cost is represented by the area of which rectangle?

• 0GKC
• FGKJ
• 0EHC
• 0FJC

At price G, profits for the perfect competitor are represented by the area of which rectangle?

• 0GKC
• 0FJC
• FGKJ
• 0EHC