Question 8 Fruity Apples is the monopolist in the market for apples. The following equations describe the demand, the marginal cost, and the total cost, where Q is output in thousands of pounds and P is price per pound. Demand: P = 51 - Q Marginal cost: MC = 1 + 4Q Total cost: TC = Q +2Q². What would the equilibrium price and quantity be if this market was perfectly competitive? O P = $41 and Q = 10 pounds O P = $10 and Q = 41 pounds O P = $30 and Q = 21 pounds O P = $21 and Q = 30 pounds
