Problem 1 Throughout much of the 20th century, there was just one provider of long-distance telephone services. AT&T operated a monopoly known as the Bell System. Compared to today, prices for phone calls were much higher. For example, the figure below lists the supply and demand curves for 5min weekday phone calls from New York City to Los Angeles per month in the 19805 (prices/costs are listed in today's dollars). The figure lists AT&T's Marginal Cost Curve, Isoprofit Curve A, isoprofit Curve B, and Average Cost Curve. It also lists the Demand for these phone calls. Long Distance Phone Calls in 1980 Marginal Cost Curve lsoprolil Curve A _'/ lsopnofl'l Curve B _//Average Cost Curve Price Demand Curve 0 2 4 6 8 10 12 14 16 18 2O 22 24 QUE] ntity (in hundreds of thousands of cells} When AT&T was operating as the sole provider of longdistance telephone services, a. What curves should AT&T use to determine the profitmaximizing price and quantity of long distance phone calls? is. What quantity of long-distance phone calls did AT&T provided each month? c. What price did AT8