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In a perfectly competitive market, the supply function is P= 1 + 2Q, and the demand...

  1. In a perfectly competitive market, the supply function is P= 1 + 2Q, and the demand function is P = 25 - Q. Hence, in this market, consumer surplus is _____ and producer surplus is _____. If this market was to become the monopoly of a single firm with a marginal cost of production equal to 11, then the welfare loss would be ____.

    1. a) 30; 60; 3

    2. b) 32; 64; 1.5

    3. c) 32; 64; 3

    4. d) 62; 34; 6

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