I am having a lot of trouble with the below question....

Consider the daily market for hot dogs in a small city. Suppose that this market is in long-run competitive equilibrium with many hot dog stands in the city, each one selling the same kind of hot dogs. Therefore, each vendor is a price taker and possesses no market power.The following graph shows the demand (D) and supply (S = MC) curves in the market for hot dogs.

Place the black point (plus symbol) on the graph to indicate the market price and quantity that will result from competition.

Competitive Market 5.0 4.5 PC Outcome 4.0 S=MC 3.5 3.0 PRICE (Dollars per hot dog) 2.5 2.0 1.5 1.0 0.5 D 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hot dogs)Monopoly 5.0 4.5 Monopoly Outcome 4.0 MC 3.5 3.0 Deadweight Loss PRICE (Dollars per hot dog) 2.5 2.0 1.5 1.0 0.5 D MR 0 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hot dogs)Given the summary table of the two different market structures, you can infer that, in general, the price is lower under a and the quantity is lower under a V