1. Provide an explicit and analytical commentary on the following: "Since there are no close substitutes for a monopoly's product, a monopolist can charge any price it wishes. Thus, since a monopolist can set any price it wants, the monopolist opts for the highest price...thus, always making a profit."

2. Discuss whether government should continue to play an important part in creating monopolies by granting patents to inventors, allowing them to be the sole seller of their product. What should be the government's role when dealing with monopolies? (Be analytical).

3. Is price discrimination a tool used by monopolists? Give an example of price discrimination. Discuss whether you agree or disagree with this practice.