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Question 3: Markets and Market StructureGiven the following graphs and information answer the following questions (a) â (c)(1) Q*=100,000 (2) Pmarket = $25 (3) q* = 2500 (4) ATC at q* = 20make sure to show work and method for all of the questions.Graphically:PMarketPSFirmMCPmarketDfirmDQQ*Qq*(a) How many firms are supplying the market?(b) What are the revenues, profits, and costs for the entire market and an individual firm?Make sure to show your work and method.(c) What type of market is the above illustrating? Please explain.(d) Show how a monopoly profit maximizes. Please explain how the results differ fromthat of a firm in perfect competition.(e) From an efficiency standpoint explain why a Monopolist market is less efficient thana perfectly competitive market.1
