Draw a graph (hand-drawn is acceptable) that illustrates the demand and supply of a perfectly competitive industry. Indicate the following in your graph:
(e) the equilibrium price if the industry is a monopoly;
(f) the equilibrium quantity if the industry is a monopoly;
(g) consumer surplus if the industry is a monopoly;
(h) producer surplus if the industry is a monopoly;
(i) the deadweight loss in the industry is a monopoly; and
(j) the producer surplus if the industry is a monopoly that engages in perfect price discrimination.
(k) Does a deadweight loss exist if the industry is a monopoly that engages in perfect price discrimination?