Assume that a pure monopolist and a purely competitive firm have the same unit costs. Contrast the two with respect to (a) price, (b) out-put, (c) profits,(d) allocation of resources, and (e)impact on the distribution of income. Since both monopolists and competitive firms follow the MC=MR rule in maximizing profits, how do you account for the different results? Why might the costs of a purely competitive firm and those of a monopolist be different? What are the complications of a cost difference?