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2) A market with demand D (p) = 16p-2 is supplied by a monopolist with total cost function C(Q) = 1+. a- Calculate the equilibrium price, output, and monopoly profits. b- Suppose instead that the market is supplied competitively by three firms, each of which has the same total cost function as the monopolist. What is the (short-run) equilibrium price, and equilibrium output and competitive profits for each firm? c- In the long run competitive equilibrium, will there be less than three firms, three firms, or more than three firms