1.One aspect of a monopolist is the immense amount of pricing power that they have in the marketplace.Answer the following questions regarding the pricing power of a hypothetical monopolist:

a.At which point along the demand curve would a monopolist theoretically stop raising prices?Explain.

b.Compare and contrast the monopolist to the perfect competitor.Why is the perfect competitor a price-taker and the monopolist a price-maker?Explain.

c.Explain the role that government regulation plays in controlling the otherwise monopolistic tendencies of a real-world market for which there is largely only one supplier of a product or service.