What is the definition of Monopoly and its example?

DeBeers has a monopoly on the production of diamonds. Use the following graph showing the demand, MR and cost curves of DeBeers to answer the questions below. How many carats of diamonds does DeBeers produce to maximize its annual profit? What price does it charge? How much annual profit does it make? If DeBeers was producing at the allocatively efficient level of output, how many carats of diamonds would it produce? What price would it charge? Suppose that the government decided to regulate DeBeers monopoly and imposes a price ceiling of $50 per carat of diamonds. How many carats of diamonds would DeBeers produce? What price would it charge? What profit would it make?

What are the entry barriers to Monopoly? Using the case of an electricity company operating a power plant identify at least two and explain briefly.

Natural monopoly is inefficient as it charges a price higher than marginal cost. Is it feasible for the government to regulate the monopoly by setting a price equal to marginal cost? Explain with a diagram.

What are some sources of monopoly power? Give examples.

If Google is a monopoly, how would breaking up affect the market price and market quantity? How do we test these hypotheses?

Can you think of good examples of a monopoly market environment?

Some say a monopoly can charge whatever price it wants. This is not true, explain why? What restricts a monopoly? (government regulation is not the answer here).

Writing at least 400 words, give an example of a government-created monopoly. Is creating this monopoly necessarily bad public policy? Explain.

In the attached graph is a depiction of a monopoly.  At what output should he or she produce?  What price should they charge for the product? Is the firm making profits or losses?