Describe the characteristics and conditions for a monopoly

Reference no: EM133287392

Question 1. Briefly describe the characteristics and conditions for a monopoly to exist.

Question 2. Explain how a monopolist determines the profit maximizing price and quantity.

Question 3. Briefly explain why monopolists are neither productively nor allocatively efficient and briefly describe what results from these circumstances.

Question 4. Compare and contrast the profit earning ability of a perfectly competitive firm and a monopoly in both the short and long term.

Reference no: EM133287392

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