4. Monopoly and Perfect Competition: Consider a market where the demand curve is Q - 500- 0.5P. a. Suppose all of the supply is produced by a single monopolist producer with a marginal cost curve MC = 60. What is the market price and quantity? What is the consumer and producer surplus? b. Suppose many firms enter the market, and the market is now perfectly competitive. Firms face the same market demand curve Q = 500 -0.5P, but the market supply curve is now P= 60. What is the market price and quantity? What is the consumer surplus and producer surplus? c. What is the deadweight loss from monopoly power? Why is there deadweight loss from a monopolist with market power