Problem
A small community is served by fi ve independent gas stations. Gasoline is a highly competitive market. Use the market demand curve to illustrate the consumer and producer surplus created by the market. Now imagine that the fi ve independent gas stations are all combined under one franchise. Create a new graph that illustrates the consumer surplus, producer surplus, and deadweight loss after the monopoly enters the market.
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.