The following table shows the total cost of producing various quantities of shoehorns and the total value of those shoehorns to consumers. What are the price and quantity produced if the shoehorn industry is competitive? What are they if it is monopolized? What is the extent of the social loss due to the existence of the monopoly? (The answers to all of these questions should be numbers.

Assume that only a whole number of shoehorns can beproduced.)

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713 5949 1122 4 Q- 5678 0962 1123 TO $471 Q- 1234