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