Economics Homework Help

I’m working on a economics discussion question and need an explanation and answer to help me learn.

1. Explain why marginal revenue is less than price for a monopolist.

2. Explain the difference between pure monopoly and natural monopoly.

3. Why does one electric company can operate more cheaply than two for a given city?

4. Under what circumstances monopoly may offer efficiency advantages over perfectly competitive industry.

5. Discuss the difference between monopolistic competition and monopoly.