12.Barriers to entry are necessary if a profit-making monopolist is to exist in the long run. 13.Compared to a perfectly competitive firm with the same cost structure, a monopoly firm will charge a higher price and sell more. 18.When a monopolist price discriminates, the market with the higher price elasticity pays the higher price. Monopolies do not have supply curves. Monopolies charge the highest possible price.
Monopolies always earn profits.
Demand does not matter to monopolists. The monopolist will produce where the demand is inelastic.