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Consider a market in which the market demand is given by P = $900 - Q. Suppose a single-price monopolist with MC = $100 controls the market.
a. Calculate the monopolist's profit-maximizing output and price.
b. If the monopolist chose to sell at the perfectly competitive price and quantity, calculate what they would be.
c. Calculate the Total Consumer Surplus for both parts a) and b). I highly recommend drawing the graph to help you identify these surplus measures.
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