Question 1

FIGURE 12-3
Refer to Figure 12-3. If the diagram is depicting a perfectly competitive industry, the equilibrium price and quantity is
◦
P1 and
q2.
◦
P2 and
q1.
◦
P3 and
q1.
◦
P2 and
q2.
◦
P1 and
q1.
Question 2

FIGURE 12-3
Refer to Figure 12-3. If the diagram is depicting the market situation for a monopoly, the equilibrium price and quantity are
◦
P1 and
q1.
◦
P2 and
q2.
◦
P1 and
q2.
◦
P2 and
q1.
◦
P3 and
q1.