4. Let's compare the price and output decisions of a competitive firm versus a monopoly. Examine Diagram 1 below and answer the questions that follow. Diagram 1 $Price C B 46. E A G F 20 MC D MR 600 1600 Quantity per week ally In Diagram 1 above, suppose the industry is a competitive one. What would be the price charged and quantity exchanged? Explain how you derived your answer. b. Now, assume Diagram 1 represents an industry that is a monopoly. What would be the prevailing price and quantity exchanged? Explain. C. Assume Diagram 1 represents an industry that is a monopoly. What would be the profit per week? Show your calculations. d. At what point (C, E, F, or G) on Diagram 1 does allocation efficiency occur? Explain. (25 points)