3. Compare and contrast a single price monopoly with constant marginal cost to a competitive market that is a constant cost industry. Assume the competitive long run supply equals the MC of the monopolist. a. In a graph, show the market differences (P v. Q) between a monopoly and a competitive market. b. Explain what the distributional differences are. (Who benefits, who loses) c. Explain what the efficiency differences are. (Make sure to indicate precisely what the efficiency difference is in the graph.) Explain why one is less efficient. d. Demand is P = 10-Q. Derive the equilibrium output, price, profits and consumer surplus with: horizontal competitive supply at 2$; a monopoly with marginal cost equal to 2$. What does the dead weight loss of monopoly equal