1. Explain the following

A) What are the most important barriers that can create a monopoly? Which of them, if any, do you feel give the rise to monopoly that is socially justifiable?

B) "Because they can control product price, monopolists are always assured of profitable production by simply charging he highest price consumers will pay". Do you agree with the statement? Briefly explain.

C) A monopolist seeks the level of output that will yield the greatest profit per unit.

D) Why the existence of a monopoly market leads to a deadweight loss, but a perfectly competitive market does not?