The assigned student will summarize the article and respond to the following: A monopoly is the only seller of a product for which there is no close substitute. Market power is the ability of a firm to affect the price of a product the firm sells. Cite information from article to answer the following questions. (a) Is TSMC is monopoly? (b) Does TSMC have market power? Assume that the Ajax Widget Company is a monopoly. What price would maximize the Ajax Widget Company’s profit? What price would maximize the Ajax Widget Company’s revenue? In your answer, explain why the profit-maximizing price would not be the same as the revenue-maximizing price. The article refers to the difficulty new companies would have in competing with TSMC: “Analysts say it will be difficult for other manufacturers to catch up in an industry that requires hefty capital investments.” Draw and label a long-run average cost (LRATC) curve for the production of semiconductors. Identify a point on the LRATC curve that represents the quantity of output produced by TSMC and company’s average total cost of making semiconductors. Refer to the graph you drew to answer the previous question. Use the graph to explain why new manufacturers of semiconductors would have difficulty competing with TSMC.