. The equations for the demand curve and the marginal revenue curve are given as follows: P = 100 – Q MR = 100 - 2Q, Suppose the monopolist has constant marginal costs of production given by MC = 20 and total costs given by TC = 20Q + 1000. Using this information and the information above on the graph mark: · The monopolist’s quantity Q · The monopolist’s price P · Draw the MC curve label on the diagram. Profit maximization condition: MR = MC, Using this you may proceed to find the quantity and after you find the quantity you may find the price. Use the demand curve to find the price that the monopolist will charge. After labeling the graph with price and quantities from the above equation, find the consumer surplus for monopoly and perfect competition. Label the area of consumer

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Perfect Competition

It is the structure of the market that is said to exist when with many buyers and sellers exchanging similar commodities and its price is fixed by the market forces, demand, and supply, and a single firm cannot cause an impact over the price or market value of the homogenous product. This structure of the market is called perfect competition.