ATTEMPT ALL QUESTIONS ON SHORT-RUN SITUATION OF A FIRM UNDER MONOPOLY ASSIGNMENT

1        Make an illustration of price, output and profit determination under monopoly in the short run and explain it                                                                                           (5mrks)

2.       Illustrate the losses under monopoly in the short run                 (5mrks)

3.       Explain the merits and demerits of monopoly                                 (10mrks)