EVOLVING MARKETS

Up until $1977,$ the Island Nation of Somberio had a pure$-$competitive market for toothpaste. Then, every single toothpaste company merged together to form a single monopoly corporation. Suppose all other market conditions remained unchanged. Cost curves and demand curves have not moved.

$12.)$ What changes do we expect to see in the prices and quantities of toothpaste produced?

$13.)$ Suppose the government steps in to regulate this toothpaste monopoly. They require it to produce at a $$Fair$-$Return Price$.$ What changes would we expect to see in the price and quantity produced?

$14.)$ Suppose the market didn't become a monopoly. Instead it moved from a pure$-$competitive market to a monopolistic$-$competitive market. What non$-$price changes might we expect to see take place?