1) (12 Marks) The following figure shows the demand curve for Good X in a perfectly competitive market. Later, the governm one of the firms the exclusive right to manufacture and sell Good X. MR represents the marginal revenue curved when it operates as a monopoly. The marginal cost of producing Good X is constant at $5. Prize /cost break Even X 5 8 supple Quantity [1,090 units) a) What is the quantity supplied when the market is perfectly competitive? 6:36-20#6 6-6 7-15 b) What is the market price when the market is perfectly competitive? c) What is the consumer surplus when the market is perfectly competitive? d) What happens to the quantity supplied once the market changes to a monopoly? e) What is the market price when the market changes to a monopoly? What is the consumer surplus when the market changes to a monopoly? E)