Problem
1. If demand falls, what is likely to happen to a monopolist's price, output, and economic profit?
2. Suppose that a monopolist's marginal cost curve shifts upward. What is likely to happen to the price the monopolist charges, the quantity it produces, and the profit it makes? Use a graph to illustrate your answer.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.