Book problems 5.1 An industry is currently performing competitively with price equal to marginal cost. Demand isP=200 -QandLRMC=LRAC=50. a. What are output and price? b. If a series of mergers monopolizes the industry and results in lower costs such that LRMC = LRAC = 40, what happens to industry output and price? 0. Does this series of mergers improve welfare? d. If the mergers reduced the monopolist's costs to LRMC = LRAC = 20, would the mergers improve welfare