(a) Explain, using an appropriate diagram or diagrams, why a Monopoly has no supply curve. (10 marks) ( b ) Determine the welfare implications of levying a tax on a monopoly. Does it make any difference whether the tax is a specific one on the product of the monopolist or a lump-sum tax? (12 marks) (c) What factors determine how much a potential monopolist will be willing to pay to obtain a franchise/licence which gains them a monopoly position? (8 marks)