1. Using the graph below to answer the questions. 120 100 Price (S/textbook) MR 50 100 150 200 250 300 Quantity (textbooks/week) a. What price and quantity combination would a perfectly competitive (efficient) market establish? 1 point b. Compute the value of consumer and producer surplus at the efficient market equilibrium. 1 point c. What price and quantity combination would an imperfectly competitive (profit maximizing) firm establish? 1 point d. Compute the value of consumer and producer surplus at the profit maximizing output (Q): 1 point
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