There is no shut-down rule for a monopoly because a monopoly always makes an economic profit. OA. True OB. False

20. A natural monopoly occurs when one firm can supply the entire market more cheaply than can a number of firms. b. results from decreasing returns to scale. o. is a monopoly in the production of raw materials. d. is one result of a patent. a. 100G O

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1. What are the various reasons that causes monopoly? Explain and provide an example of each. 2. Explain the characteristics of a monopoly. How it is different from a perfect competition? 3. Refer to the graph below: 105 100 - MC 95 90 АТС 85 80 75 70 65 - 60 55 50 45 + 40 + 35 30 25 20 15 10 MR Demand +++++ YTTI 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100105110115120 e In the above graph calculate the following? a. The profit maximization quantity b. Price that the monopolist will charge at that level c. Total revenue at that level d. Total cost at that level e. Profit or loss (if any) at that level