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8. Suppose that c=0, the discount factor is p, and demand is constant elasticity, y=p". (a) Write the equilibrium conditions for the competitive firm and the monopoly in this case. (b) For the monopoly equilibrium condition to be "sensible, what restriction must be imposed on 77? Provide the economic explanation for this restriction. 2 (c) Compare the level of period-0 sales under competition and under monopoly