1, 2, 3. [6 points] Identify the three characteristics of the monopoly market structure. Label them 1, 2, 3. Note: This is not part of the graph. These are features (# sellers, entry and exit conditions, and comments on the firm's product/service relative to other firm's product/service) that constitute a monopoly.

4. [2 points] What is the profit-maximizing quantity for this monopolist to sell?

5. [2 points] How did you determine the quantity that you identified in #4?

6. [2 points] What is the profit-maximizing price the monopolist will charge?

7. [2 points] How did you determine the price you identified in #6?

8. [2 points] What is the monopolist's total revenue from this profit-maximizing price and quantity? Remember, Total Revenue= Price x Quantity. Use the values you found above.

9. [2 points] What is the total cost of production for this profit-maximizing quantity? Remember, you can find Total Cost=Average Total Cost x Quantity.

10. [2 points] What is the monopolist's profit? Profit= Total Revenue - Total Cost

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