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For an output level below Q3, the value of a unit to a buyer is V the cost of a unit to a seller. Suppose

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For an output level below Q3, the value of a unit to a buyer is V the cost of a unit to a seller. Suppose a rm that produces for this market is able to inuence the market price, which leads to an outcome that differs from the free market equilibrium shown in the previous graph. Such a situation is characterized by V , which is an example of Y . Suppose that the following graph shows a free market equilibrium, with Qz as the equilibrium quantity. Supply PRICE Demand Q_ QUANTITY

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