Consider the weekly market for gyros in a popular campus. Suppose this market is operating in long-run competitive equilibrium with many gyro vendors in the neighborhood, each offering basically the same gyros. Due to the structure of the market, the vendors act as price takers and each individual vendor has no market power. The following graph displays the supply (S = MC) and demand (D) curves in the weekly market for gyros. Place the black point (pius symbol) on the graph to indicate the market price and quantity that will result from competition. (?) Competitive Market S-MC PC Outcome PRICE (Dollars per pyro) 10 160 120 148 180 150 QUANTITY (G TOS) Now assume that one of the gyro vendors successfully petitions the neighborhood dev lopment board to curtain exdusive rights to sell gyros in the neighborhood. This firm buys up all the rest of the gyro too te as a monopoly. Assume that this change does not affect demand and that the mary ands exactly to the supply curve from the previous graph. The allowing graph reflects this new ows the demand (D), marginal revenue (MR), and marginal cost (MC) curves for the monopoly vendor. Place the black point (plus symbol) on the following graph to indicate the profit-maximizing price and quantity of a monopol's Monopoly Outcome Dendworght Loss PRICE (Dollars per gyro) 120 QUANTITY (Gyrus) Consider the welfare effects that result from the industry operating as a competitive market versus a monopoly. On the monopoly graph, use the black points (plus symbol) to shade the are resents the loss of welfare, or deadweight loss, caused by a monopoly. That is, show the area that was formerly part of total sur and now does not accrue to anybody. Deadweight loss occurs when a market is controlled by a monopoly becau the resulting equilibrium is different from the (efficient) competitive outcome. In the following table, enter the price and quantity that would arise in a competitive mark d quantity that would be chosen if a m controlled this market Price Quantity Market Structure (Dollars (Gyros) Competitive Monopoly Given the summary table of the two different market structures, you can infer that, in general, the price is higher under and the quantity is higher under a