Question: Use the graph below in responding to all questions of this part.

a. Which rectangle in the above graph represents the firm’s Total Revenue? Identify the rectangle by its four
letters and also provide a brief economic/quantitative reasoning for your answer.

b. Which rectangle in the above graph represents the firm’s Total Cost? Identify the rectangle by its four
letters and also provide a brief economic/quantitative reasoning for your answer.
c. Which rectangle in the above graph represents the firm’s Total Profits? Identify the rectangle by its four
letters and also provide a brief economic/quantitative reasoning for your answer.
d. If the above monopolist were to behave like a perfectly competitive firm (operating in the
long run), determine its output. Also explain the economic reasoning behind your answer.