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Question 1 a. Briefly explain four characteristics of a monopoly market structure. (2 marks) b. How does a monopoly firm decide its equilibrium output? Explain why super normal profit may persist for a monopoly producer in the long run. (4 marks) c. Compare and contrast the consumer benefits of a monopoly versus a perfectly competitive market. (4 marks) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I Y S Paragraph V Open Sans, S.. 10pt E V A v X v X 48 +