QU ESTIO N 1 8 Consider a monopoly, where the demand curve is given by P = 25 0, MR = 25 20, TC = Q, and MC = 'l. Suppose the government wanted to regulate the monopoly so that it produced an output and charge a price as close to the perfectly competitive outcome as possible, but in such as way so that the monopoly does not make a loss. In this scenario, the monopolist would produce a quantity and charge a price such that @ 0:24, P=1 o 0:12, P=13 o (1:12, P=1 o 0:24, P=24 QUESTION 10 Without government interference, a market will always produce the efficient outcome, regardless of market structure. O True O FalseQUESTION 16 Consider a monopoly, where the demand curve is given by P =25 -Q, MR =25- 20, TC =Q, and MC =1. Solve for equilibrium output, price, average total cost, and profit. O Q=12, P=13, ATC=1, Profit=144 O Q=12, P=13, ATC=12, Profit=12 O Q=12, P=1, ATC=1, Profit=0 O Q=24, P=1, ATC=1, Profit=0QUESTION 17 Consider a monopoly, where the demand curve is given by P = 25-Q, MR =25-2Q, TC = Q, and MC = 1. Compared to the efficient solution, this monopolist outome O Has a higher price and lower output than the perfectly competitive solution. O Has a lower price and lower output than the perfectly competitive solution. O Has the same price but lower output than the perfectly competitive solution. O Has a higher price but the same output than the perfectly competitive solution