(Answered) Now assume that this market becomes perfectly competitive

Engineering

Now, assume that this market becomes perfectly competitive. The production process for the good does not change. So, all firms have the same cost curves as the monopolist.

Reference from: Q3. A monopolist in the sugar market faces a demand curve given by Qd = 60 - 2P and has total costs equal to TC = 50 + 2Q^2. Quantity is measured in millions of tons and you may assume that units are infinitely divisible.

a. Find the long run equilibrium price and quantity in the competitive market.

b. How many firms are there in the long run equilibrium?

c. What is the consumer and produce surplus in the competitive setting?

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