Imagine a small town in which only two residents, Sydney and Matthew, own wells that produce safe drinking water. Each week Sydney and Matthew work together to decide how many to town and sell it at whatever price the market will bear. To keep things simple, suppose that Sydney and Matthew can pump as much water as they want without cost so that the marginal demand schedule and total revenue schedule for water is shown in the following table: Quantity Price Total Revenue and Total Profit (Gallons (Dollars per gallon) (Dollars) 0 48 0 90 44 3,960 180 40 7,200 270 36 9,720 360 32 11,520 450 28 12,600 540 24 12,960 630 20 12,600 720 16 11,520 810 12 9,720 900 8 7,200 990 4 3,960 1,080 0 0 Refer to Table 17-1. If this market for water were perfectly competitive instead of monopolistic, what price would be charged? O a. $48 O b. $24 O c. SO O d. $36