#1 please Name three characteristics of a monopoly firm.2) Give an example of a business that is considered amonopoly.3) How does a monopoly firm (or any business) decidethe quantity that should be produced to maximize profit?In other words, what rule do they follow?4)1)Draw the monopoly cost curves where the firm ismaking a profit. Shade in the area of profit.5) If the monopoly firm is making a profit will otherfirms join the market (like they did in perfectcompetition) and eliminate the profits of the monopoly?Why or why not?6) Draw the monopoly curves where the firm is losingmoney. Shade in the area of loss.7) If a firm in any market structure is losing moneywhat will they do in the long-run?8) How is the price and quantity that a monopolyproduces different than the price and quantity that isproduced in perfect competition?9) Draw the cost curves of a monopoly where thebusiness would immediately (short-run) shut-down.10) Draw the cost curves for a monopoly and show thearea of consumer surplus, producer surplus anddeadweight ls.

Since you have asked multiple question we will answer the first three questions for you A monopoly…

Name three characteristics of a monopoly Give an example of a business that is cons nopoly. How does a monopoly firm (or any busines quantity that should be produced to maxim ther words, what rule do they follow?

Name three characteristics of a monopoly Give an example of a business that is cons nopoly. How does a monopoly firm (or any busines quantity that should be produced to maxim ther words, what rule do they follow?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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