Refer to Diagram 2 above, which represents a monopolist firm, to answer the following questions.

product = marginal product x selling price per unit).

a.What quantity will this firm produce and what price will it charge?

b.Suppose this monopolist firm becomes regulated and the regulatory agency wants to achieve economic efficiency. What price would the agency require the monopoly to charge and what quantity will the firm produce as a result?

c.If the monopolist charges a price that will achieve eco