1. What are the core features/characteristics of a monopoly market? Provide at least three such features.
2. Provide and describe four barriers to entry that allow monopolies to exist. 3. Define average revenue (AR) and marginal revenue (MR) and provide their respective formulae. 4. For a multiplant monopoly firm, what is the necessary condition that must be satisfied to maximize profit? (i.e., when deciding the total output to be produced, what must such a firm figure out first?). Provide the equation for this condition and describe it briefly.