Let the inverse demand curve for a dangerous product be given by

P = 20 – Q. Also, let the constant marginal cost

of production be equal to $5, the constant probability of an

accident be equal to .01, and the resulting harm equal to $1,000.

Suppose the market is perfectly competitive.

What is the equilibrium level of output under a rule of no

liability? (Please enter a whole number.)

What is the equilibrium price under no liability? (Enter a whole

number.)

What is the equilibrium level of output under strict liability?

(Enter a whole number.)

What is the equilibrium price under strict liability? (Enter a

whole number.)