Question 1What are the important characteristics of monopoly firms? Why monopoly is desirable?Question 2What is the Excess Capacity and Mark up for the Monopolistic Competitive firms?Question 3What is monopolist’s “Price Discrimination” strategy? How the strategy is used to maximize profit for the monopoly firms?Question 4What are the most important strategies for the Monopolistic Competitive firms to maximize profits? Give an exampleQuestion 5When a profit maximising firm (Monopoly) shut down the production in the short run?