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The figure below shows the market for one hour of economics tutoring at your college. Imagine that the market for economics tutoring could be perfectly competitive, controlled by a monopolist who charges a single price or a monopolist who charges each customer a different price. Use the information in the diagram to answer the questions below. Price $100 $60 MC $20 MR Quantity 200 100 SUBMIT ANSWE 03.17 > 9 OF 17 QUESTIONS COMPLETED MacBook Pro

Question

How much is total surplus if the market is perfectly competitive?

How much is total surplus if the market is controlled by a single price monopolist?

Suppose the single price monopolist started charging all customers the maximum price they are willing to pay. How much additional surplus is created?

The figure below shows the market for one hour of economics tutoring at your college. Imagine that the market for economics tutoring could
be perfectly competitive, controlled by a monopolist who charges a single price or a monopolist who charges each customer a different price. Use the
information in the diagram to answer the questions below.
Price
$100
$60
MC
$20
MR
Quantity
200
100
SUBMIT ANSWE
03.17 >
9 OF 17 QUESTIONS COMPLETED
MacBook Pro
expand button
Transcribed Image Text:The figure below shows the market for one hour of economics tutoring at your college. Imagine that the market for economics tutoring could be perfectly competitive, controlled by a monopolist who charges a single price or a monopolist who charges each customer a different price. Use the information in the diagram to answer the questions below. Price $100 $60 MC $20 MR Quantity 200 100 SUBMIT ANSWE 03.17 > 9 OF 17 QUESTIONS COMPLETED MacBook Pro
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