A monopoly is an industry with a single firm that produces a product for which there are no close substitutes and in which significant barriers to entry prevent other firms from entering the industry to compete for profit. Compared to the demand curve for perfect competition, explain why is the demand curve for a monopolist downward sloping and how does this affect the monopolist behavior? (12 marks) If a monopolist is able to sell 1000 units of output at price RM100, with the marginal revenue (MR) and marginal cost (MC) are RM50 and RM30 respectively, what recommendation regarding price and quantity would you recommend to this monopolist? Use graph to explain your answer. (8 marks)