Mars Question 24 - Monopoly (10 marks) Write your answer in the space provided below. a. A small remote community has only one veterinarian (a medical professional treating animals). Is it a monopoly? Use the three main characteristics of the monopoly market structure to discuss (3 marks) b. A local community bus service charges $2.00 for a one-way fare and services 250 customers. The city council is thinking of raising the fare to $3.00 and is expecting to generate 20% more total revenue. Analyse the council's decision, using the concepts of price effect and output effect. (2 marks) c. Write a paragraph to compare and contrast a monopolist, and a firm in a competitive market, each operating at their respective profit maximising output level. Your answer must: Compare the price, quantity and efficiency of the two types of firms, and Specifically use the labels and information from the diagram below. Word limit: minimum of 100 words