You are the lawyer for monopoly. Your client has been charged with the following and will be having a jury trial

a. rampant inefficiency

b. stifling progress

c. destroyer of wealth

d. limiting innovation and progress.

PLEASE WRITE a closing statement refuting these charges and explain why the jury should find your client not guilty.

Your closing statement must answer:

(a) Explain why firms may not always pursue the goal of profit maximization.

(b) In a monopoly, economic (abnormal) profit can be earned in both the short run and the

long run.

Examine the role of barriers to entry in earning an economic profit.