Figure Id Figure 20 $45 00 Monopoly - No Government Intervention. $45.00 MC Firm In A Perfectly Competitive Market $40.00 MC In Which The Equilibrium Price Is Equal To $38,00 The Firm's Lowest ATC. $30.00 830,06 $2500 ATC $20,00 ATC AVC D & MR $1500 DAVE 81600 $5.00 D MR AFC So,00 AFC 3. Onus residents, in questions 2.a.-d above, complain to their local politicians about the high prices. In an attempt to reduce the exorbitant price that the residents must pay for ferry service to and from the mainland, the local politicians convince the legislature to create a regulatory board that will impose a legal price ceiling on the Onus monopoly ferry operator. Describe both the short-run and the long-run impacts of the three different price ceilings outlined below. a. In this scenario, the regulatory board imposed a price ceiling on the Onus monopoly ferry operator that was calculated to be below the ferry operator's lowest ATC but well above its lowest AVC. What will be the short- and long-run impacts of such a price ceiling on the Onus monopoly ferry operator's profits and continued ability to provide service to the inhabitants of the island of Onus? Page 7 of 10 1974 words LX Text Predictions: On 1 Accessibility: Good to go