Suppose the market for a new pill for migraine can be represented by the following demand and marginal cost equations. Q=100-P; the pill is produced at constant marginal cost MC=20 (where Q is measured in millions of pills and P & MC are measured in dollars) a. If the market is supplied by a single firm acting as a monopoly, how many units will be supplied at what price? In this case, the monopoly chooses the quantity for which MR-MC Q=40, P = $60 b. If restrictions are lifted and a large number of firms, with the same marginal cost (MC=20), in a perfectly competitive environment supply the market, how many units will be supplied at what price? Perfect competitive market equilibrium MC = P Q = 80, P= $20. c. Illustrate the changes in consumer surplus, producer surplus, and social welfare (total surplus) using a market demand & supply graph.