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This is question is regarding Monopoly. a) What is a barrier to entry? Shortly discuss three reasons for barrier to entry. (6 points) b) Draw

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This is question is regarding Monopoly.

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a) What is a barrier to entry? Shortly discuss three reasons for barrier to entry. (6 points) b) Draw a diagram that shows the price and quantity decisions of monopoly. Show the profit and the cost areas of the monopol Carefully denote all axes and curves you draw. (6 points)

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