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1. Explain the barriers to entry in a monopoly market 2. Assume a monopolist is faced with the following demand function: Q = 400-20p. And

1. Explain the barriers to entry in a monopoly market 2. Assume a monopolist is faced with the following demand function: Q = 400-20p. And short-run total variable cost function: TVC = 5Q+Qsquare/50. DETERMINE THE PROFIT MAXIMIZING OUTPUT AND PRICE

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