Question: Question 4 ( a ) Explain what is a monopoly. ( 5 marks ) ( b ) Please elaborate clearly how a monopoly arises in

Question 4(a) Explain what is a monopoly. (5 marks)(b) Please elaborate clearly how a monopoly arises in a market. (12.3 marks)(c) Please explain why perfect competition arises. (6 marks)(d) During COVID, many small firms complained that they were losing money but never seem to exit the industry, why?

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