Q4. (Word limit:1500-2000 words) Assume that a pure monopolist and a purely competitive firm have the same unit costs. Contrast the two with respect to (a) price, (b) output, (c) profits, (d) allocation of resources, and (e) impact on income transfers. Because both monopolists and competitive firms follow the MC = MR rule in maximizing profits, how do your account for the different results? Why might the costs of a purely competitive firm and those of a monopolist be different? What are the implications of such a cost difference? (20 Marks)