MARKET POWER AND MONOPOLY Suppose that Etronics has a Monopoly in the production of new smartwatches. Market research shows that it faces a market demand function given by P(Q) = 20 - (1/2)Q- Its cost function is C' (Q) = 30 + 2Q. 1. What are the monopoly market price (PM), quantity(QM), and prots (WM)? 2. What is consumer surplus at the monopoly price? 3. What would the price and quantity be in this market be if Etronics behaved as in perfect competition? 4. What is the consumer surplus in the case of perfect competition? Why is it higher than in the monopoly case? What is the social cost of monopoly