4. We are in a perfectly competitive market, in which all firms are identical. Market demand is downward sloping. a. Draw the market supply, demand, and equilibrium. b. At present, our firm is...

Q5 Please help me solve this question so I can compare it to my awnser, question 5. Thank you

Extracted text: 4. We are in a perfectly competitive market, in which all firms are identical. Market demand is downward sloping. a. Draw the market supply, demand, and equilibrium. b. At present, our firm is producing new widgets for £1.15 and the market price is £2. Is the firm maximising profits? Is the firm in profit or loss? 5. Our firm is now a monopolist facing the same downward-sloping demand curve. What happens to price and quantity produced? Explain.