Let's compare the price and output decisions of a competitive firm versus a monopoly. Examine Diagram 1 below and answer the questions that follow. Diagram 1 a. In Diagram 1 above, suppose the industry is a competitive one. What would be the price charged and quantity exchanged? Explain how you derived your answer. b. Now, assume Diagram 1 represents an industry that is a monopoly. What would be the prevailing price and quantity exchanged? Explain. c. Assume Diagram 1 represents an industry that is a monopoly. What would be the profit per week? Show your calculations. d. At what point (C, E, F, or G) on Diagram 1 does allocative efficiency occur? Explain