1. In the country of Kold, the marginal cost of producing gloves is constant at $1 per pair, regardless of the industry structure. (a) Draw a correctly labeled graph of the glove market that includes a downward-sloping demand curve. Suppose that the market is controlled by a monopolist. Label as Pm and Qm the price and quantity that would maximize profits. (b) On the same graph drawn for part (a), label as P. and Q the price and quantity that would prevail in the long run if the glove market were perfectly competitive. (c) On the same graph drawn for parts (a) and (b), shade the area that represents the efficiency loss (or deadweight loss) associated with the monopoly. Explain what efficiency condition is violated by the monopoly. (d) Explain how and why the relationship between the demand curve and the marginal revenue curve differs between an unregulated monopoly and a perfectly competitive firm