Question 1 [20 points] The graph below shows the demand faced by Text Tech, a monopolist, which incurs only fixed costs and therefore has a marginal cost equal to zero. Note: If necessary round your answers to two decimal places. a) Suppose that a new firm, which also has zero marginal costs, enters this industry and assumes that Text Tech will continue to produce its current output. Plot the existing firm's marginal revenue line, new firm's marginal revenue line, and new firm's demand line Marginal Revenue Demand 36 24 Cost ($) 12 18 24 30 36 42 48 54 60 66 72 78 Reset Units of Output b) Before the new firm disrupted Text Tech's monopoly what was the price Text Tech charged, and what quantity of output did it produce? Price = $ 0 Output = 0 c) What output will the new firm choose to produce, and what will be the new market price, given both firms' output? New Market Price = $ 0 New Firm's Output = 0