7. List and briefly describe the main characteristics of a monopolistic firm. 8. May a monopolistic...

7. List and briefly describe the main characteristics of a monopolistic firm.

8. May a monopolistic firm earn long profits? Why/Why not.

9. Show graphically a monopolistic firm earning short run profits.

10. Using the deadweight welfare loss diagram, explain the inefficiency involved when a competitive industry is monopolized.

11. List a briefly explain the primary anti-trust laws that deal with monopoly.

12. List several barriers to entry and explain the importance of them.

Expert Solution

Rahul Sunny answered 2 years ago

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