1. Under a monopoly there are some barriers to entry, identify any two barriers as discussed in class today and support with the help of one example each. 2. Differentiate between perfect competition and monopoly. Provide at least three differences as discussed in class. 3. Answer the following question based on the following for ABC Co. $60 AC 50 40 Price, costs 30 20 10 0 100 200 300 400 500 600 700 800 900 1000 Quantity per period a. What is the profit-maximizing output? b. What price will the firm charge and what profit would firm make? 4. Why do you think, oligopolies should be discouraged by governments (explain in 3 - 4 sentences)