Consider the following graph of a monopoly. 
Use the graph to identify the marginal-revenue curve, the average-revenue curve, the average-total-cost curve and the marginal-cost curve.Then identify the price a profit-maximising monopolist would charge and the output it would produce.
Definitions:
Opportunity Cost
The cost of forfeiting the next best alternative when one option is chosen over another.
Comparative Advantage
The capability of a company, individual, or country to manufacture a product or offer a service with a reduced opportunity cost than competing entities.
Specialization
The process of focusing efforts and resources on a limited range of activities, goods, or services to gain efficiency or expertise.
Opportunity Cost
Declining the opportunity for potential benefits from a range of alternatives upon selecting one.
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