Question 2 Consider a market with just one firm. The demand in the market is p 100 - 20 and the marginal cost is $4. a. How much output will this firm produce? What will be the profit and consumers surplus? b. Suppose a second firm with the same cost function enters the market and the two firms compete in a Cournot style (simultaneous output choice). What will be the equilibrium price and quantity in the market? What is the total market profit and consumer surplus