The market demand function is given the following equation: P = 3200 - 2Q where Q is the industry's output level.

Suppose initially this market is served by a single firm. Let the total cost function of this firm be given the function C(Q) = 200Q. The firm's marginal cost of production (MC) is equal to the firm's average cost (AC):

MC = AC = 200.

What is the output level produced by the profit-maximizing firm in this industry?

Group of answer choices

500

750

1000

1250

What will be the market price charged by the monopolist at the profit-maximizing level of output?

Group of answer choices

950

1200

1700

1850

What will be the profit earned by the monopolist at the profit-maximizing level of output?

Group of answer choices

$1,425,000

$1,325,000

$1,225,000

$1,125,000

What would be the industry output level if this was a perfectly competitive industry instead?

Group of answer choices

1500

1750

2000

2250