Question 1:

1. A monopoly occurs when there are barriers entering the market. List 3 types of these barriers with explanation and example.
2. Fill the following table for a monopolist firm. (

Marginal revenue	Total revenue	Output	Price
		0	$100
		1	$85
		2	$70
		3	$55
		4	$40
		5	$25

3: Draw the demand curve and the marginal revenue curve for the above table. And explain the relationship between the marginal revenue and the price.