Suppose a monopolist faces the demand and cost curves shown in the figure below.
The monopolist maximizes profit (minimizes loss) by producing __________ units of output.
The monopolist will sell its output at a price of $__________ per unit.
The monopolist earns a profit (loss) of $__________.
Construct a new demand and marginal revenue curve such that the monopolist earns a loss in the short run but does not shut down.
Construct a new demand such that the firm shuts down.