c.(1 point) Calculate total consumer and total producer surplus under the monopoly situation.
d.(1 point) Compare the sum of consumer and producer surplus for the monopoly with the results for perfect competition. Which is better for consumers? Which isbetter for producers? Which is better for society? Explain.
5.(3 points) Is Small Beautiful? Consider the arguments about big business in Chris Tilly, “Is Small Beautiful “(article 5.1in Real World Micro), Edward Herman’s “Brief History of Mergers and Antitrust Policy” (article 5.2), and Rob Larson, “Not Too Big Enough” (5.5). Should we have a more aggressive policy to break up large businesses and promote competition? State their arguments and give reasons why you agree or disagree.