The diagram below shows a monopolist's marginal cost schedule and the demand curve. Find and depict the following items within the diagram and briefly explain how you found them: Price Monopoly Price Demand Marginal Revenue Total Surplus Quantity Maximising Quantity a) Find and highlight the consumer surplus in the monopoly in the diagram. b) Draw a possible marginal cost curve for the monopolist into the diagram that is consistent with all the other curves that are already given.

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Monopoly Market

When a company and its products dominate a sector or an industry, it is termed a monopoly. When a firm and its products control a market, then it is called a monopoly.