Problem
1. What are barriers to entry, and why are they crucial to the creation of potential long-run monopoly profits? Give an example of a barrier that can lead to monopoly.
2. Explain why a monopoly is a price maker but a perfectly competitive firm is a price taker.
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.