problem 1) prepare down the five characteristics of pure monopoly.
problem 2) Describe the difference between a “pure” monopoly and a “near” monopoly.
problem 3) List and give suitable exs of the four barriers to entry.
problem 4) describe the demand curve facing a pure monopoly and how it varies from that facing a firm in a purely competitive market.
problem 5) find out marginal revenue when given a monopoly demand schedule.
problem 6) Describe why the marginal revenue is equal to price in pure competition but not in monopoly.
problem 7) Find out the price and output level the monopoly will select given demand and cost information in both table and graphic form.
problem 8) Describe the economic effects of pure monopoly on price, quantity of product produced, allocation of resources, distribution of income, and technological progress.
problem 9) prepare down the exs of how new technology has lessened monopoly power.
problem 10) prepare down three conditions essential for price discrimination.
problem 11) Describe why profits and output will be higher for the discriminating monopoly as compared to non-discriminating monopoly.
problem 12) Identify two pricing strategies of monopoly regulation and describe the dilemma the regulators face in utilizing these strategies.