Use the following to answer question:
Figure: The Monopolist III 
-(Figure: The Monopolist III) Look at the figure The Monopolist III. If this monopolist profit-maximizes, it will produce _____ units and charge a price equal to _____. Its producer surplus will be _____, its consumer surplus will be _____, and the deadweight loss is _____.
Definitions:
Hypothetical Questions
Questions about situations that are not real but are posed for discussion or consideration of potential outcomes.
Scale Model
A physical representation of an object that maintains accurate relationships between all important aspects of the model and the actual object, but at a reduced size.
Concrete-Operations
A stage in Piaget's theory of cognitive development, during which children aged 7 to 11 years begin to logically analyze situations and understand concrete relationships.
Concrete Operations
A stage in cognitive development, according to Piaget, where children gain the ability to think logically about physical objects and events.
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