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The licensing restrictions allow each company to sell as much as it wants at a price ceiling of $2,200. You have the following output and MC data for each company:OutputMC ($)QAbbaBabbaCabba1,0002,5002,6002,7002,0002,4002,3002,5003,0002,2002,1002,3004,0002,0002,0002,1005,0002,1002,2002,2006,0002,2002,5002,300a.Calculate the industry output and market share at the current price of $2,200, assuming the prices are stable and unlikely to change. b.Assume the current prices in the market are challenged by the regulatory agency, resulting in a new maximum price of $2,000. How will this change the industry output and market share for each company?
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