Problem
1. Describe the connection between the slope of the demand curve for a good and a firm's marginal revenue.
2. What is the profit-maximizing output level for a firm with market power?
3. Compare the consumer and producer surplus of perfectly competitive firms with that of firms with market power.
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.