3 8 A patent creates a monopoly by restricting the number of complements for the product the amount of advertising that can be undertaken entry into the market demand for the product 3 8 Monopolists Ohave no short-run fixed costs are price takers face downward sloping demand curves Omaximize revenue, not profits 3 8 An example of a monopoly is O a large hospital in a big city O a big city, restaurant O the stock market the only electric power company in a small town 3 8 1 O Quantity (units) II 2 3 4 5 6 Price (dollars per unit) Y 8 7 6 5 t 3 The table above gives the demand for a monopolist's output. What is the total revenue in when 4 units of output are produced? $18 O $20 O $21 $6 An oligopoly is a market structure in which there are only a few sellers selling either an identical or differentiated product. a few products sold by many sellers. Omany sellers selling a differentiated product. only a few buyers but many sellers.