Answer
a) a quantity that is too low and a price that is too high
Work Step by Step
The social optimum quantity is where the marginal cost curve and the demand curve intersect. The monopolist will produce a quantity determined by where the marginal revenue and the marginal cost curves intersect.
The quantity the monopolist produces is less than the efficient quantity, and the price the monopolist sells for is higher than the price that would be higher than the price set by the efficient quantity.
