Study guide ex: You are an industry analyst who specializes in an industry where the market inverse demand is P = 200 - 4Q.The external marginal cost of producing the product is MC (external)=6Q, and the internal cost is MC (internal) =12Q a. What is the socially efficient level of output? b. Given these costs and market demand, how much output would a competitive industry produce. C. Given these costs and market demand, how much output would a monopolist produce? D. Discuss actions the government might take to induce firms in this industry to produce the socially efficient level of output.