Question: pls answer quick and answer every question with explanation Section B (60 marks) 1. The diagram below represents a Monopoly firm in equilibrium. Monopoly Price

pls answer quick and answer every question with explanation

Section B (60 marks) 1. The diagram below represents a Monopoly firm in equilibrium. Monopoly Price 2 AR QuantityQuantity (a) Copy the above diagram into your answer book. Clearly label each of the lines numbered I to 3. The above firm produces Qi. Show on your diagram: . the price the firm will charge for Qu. (use label PI) the average cost of producing this output. (use label Ci) (15 marks) (b) Explain each of the following barriers to entry and illustrate your answer with an example in each case: I Patents and Copyrights Legal Monopolies Economies of Scale (45 marks) (Total: 60 marks) END OF TEST ] #*

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