(a) Assume that the rice market is competitive (i.e., there are many buyers and sellers). Using the supply and demand model illustrate equilibrium in the market for rice. Explain whether the equilibrium achieved in the market is Pareto efficient. (b) How would a drought affect the equilibrium price and quantity in the market for rice? Include a diagram in your explanation. (c) Suppose that all rice producers join forces to form a monopoly. Explain the impact of this on the equilibrium price and quantity compared to the outcome under perfect competition from part (a). Explain whether the equilibrium achieved in the monopoly market is Pareto efficient