Answer the following short answer/short essay questions. One brief paragraph per question.

1. Briefly explain why monopolists are neither productively nor allocatively efficient and briefly describe what results from these circumstances.
2. Briefly discuss the way in which a monopolist can seek out the profit-maximizing quantity of output.
3. Briefly describe how a monopolist will select the profit-maximizing level of output and price (draw a graph to help in your explanation).
4. Briefly discuss what happens in the long run with respect to monopolist's total revenue.
5. Briefly explain how a natural monopoly arises. Give an example.
6. Briefly explain what is meant by the term "barriers to entry" and provide example of each.
7. Briefly describe the typical average cost curve and the marginal cost curves most often faced by monopolists.
8. Briefly contrast perfect competition and monopoly to explain a monopoly may or may not display productive efficiency.