Lesson 9-Written Homework Assignment 1. In a carefully written one page essay explain why the distinction between short run and the long run is not relevant to understanding monopoly?3. In a wellresearched essay question, describe using the diagram below why monopolies are inefficient enterprises? 2. Please use the information in Table 1 below to answer questions af TABLE 1 Monopoly Output, Revenues, Costs, and Profits Marginal Average Marginal Monopoly revenue revenue total cost cost profits What is the firm's fixed cost of production? What is the monopolist's total revenue when it is maximizing profits? What is the monopolist's marginal cost of production when it is maximizing prots? At what output level would the monopolist maximize its profits? How much loss will the monopolist incur if it shuts down? eras-eve How would a similar table for a perfectlyr competitive firm differ from Table 1? 4. Is the following statement true or false? The pursuit of monopoly profits comes at no risk to you. Please state your m support it using content from the text and outside sources. Remember to cite your outside sources