Healthcare economics

$16 $15 $14 $13 $12 $11 $10 Price $9 $8 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Quantity (millions) 13. Refer to the figure above for answering the questions below. Make sure you identify the curves first before proceeding to answer the questions. (i) At what price would the competitive fringe supply zero output? (2 points) (ii) At what price would the quantity supplied by the competitive fringe be sufficient to supply the entire quantity demanded by the market? (2 points) (iii) Suppose the price were $8 for some reason. How much output would be supplied by the fringe firms at that price? (2 points) (iv) What quantity will the dominant firm seek to supply to maximize its profit? (2 points) (v) What price will the dominant firm set in the market to maximize profits? (2 points) (vi) What quantity will the competitive fringe firms supply as a result? (2 points) vii) What would be the level of output supplied in the market, if the dominant firm behaved like a perfectly competitive firm? (2 points) (viii) What would happen to (a) the fringe supply curve, (b) the total quantity of output in the market, (c) the market price level - if some fringe firms decided to exit the market? (2+2+2 points)