2) A market with demand D (p ) = 16p - is supplied by a monopolist with total cost function C(Q) = 1 + 8 a. Calculate the equilibrium price, output, and monopoly profits. b. Suppose instead that the market is supplied competitively by three firms, each of which has the same total cost function as the monopolist. What is the (short-run) equilibrium price, and equilibrium output and competitive profits for each firm? c. In the long run competitive equilibrium, will there be less than three firms, three firms, or more than three firms