consiaer a monopoy Illustratea In me TOIlOWlng ngure. 35 33 30 27 500 ATC MC Demand 650 700 (a) What are the typical reasons for the existence of a monopoly? (1 mark) (b) Explain how monopoly chooses quantity and price. What is the profit maximising level of output and price? (3 marks) (c) What are the monopolist's total cost and total revenue? (2 marks) (d) What is the monopolist's profit per unit of output? Will this firm stay in business in the long run? (3 marks)