Choose the false statement about monopoly. O Natural monopolies usually enjoy economies of scale in production over a large range of output. ○ The profit-maximizing monopolist sets its price as a percentage markup over the marginal cost. O Patents are a possible reason for monopolies to exist. O If the monopolist tries to sell one more unit, it faces a positive price effect and a negative quantity effect.

If a monopolist with significant barriers to entry is making positive economic profit in the short run, what do we expect to happen as the market transitions to the long run? O The profit will increase since the monopolist has no competition, they can just raise the price to earn higher profits. O It will decrease as positive economic profit signals new firms to enter the market, increasing the market supply, and lowering the prevailing price. O It will increase, in the long run firms will drop out the market increasing the monopolists dominance in the marketplace. O The profit will stay the same, strong barriers to entry prevent new competition.

3. Suppose that a monopoly has the following demand curve and total costs: 오 P TR TC ATC MC MR Total Profit 50 40 1 45 50 2 40 72 - 3 35 95 - 4 30 125 - 25 165 6 20 225 a. Fill in the blanks in the preceding table. b. What output will maximize the monopolist's profit? c. What price will the monopolist choose?

Could I have help I’m struggling to remember how to find these values and can’t seem to graph

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