Problem
Short-Run Profit Maximization Answer the following questions on the basis of the monopolist's situation illustrated in the following graph.
a. At what output rate and price does the monopolist operate?
b. In equilibrium, approximately what is the firm's total cost and total revenue?
c. What is the firm's economic profit or loss in equilibrium?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.