The figure given below shows the cost and revenue curves of a monopolist. Figure 10.9 
D: Average revenue
MR: Marginal revenue
ATC: Average total cost
MC: Marginal cost
Refer to Figure 10.9.Suppose that the market is perfectly competitive.The consumer surplus would be represented by the area _____.
Definitions:
Monopoly Firms
Entities that are the sole providers of a product or service in a market, facing no competition.
Downward-Sloping
A term often used in economics to describe a line or curve on a graph that demonstrates a decrease in one variable as another increases.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at each price.
Perfectly Elastic
Refers to a situation in which the quantity demanded or supplied changes infinitely in response to any change in price.
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