1200 words APA cited………3 scholarly sources…..NO PLAGIARISM…….QUESTION #7……..250 words….2 scholarly sources….APA CITED1. Describe the demand curve for a perfectly competitive firm and explain why the demand curve looks the way it does.2. (a) What are the two critical questions a firm must answer?(b) What is the main economic objective of every firm?3. (a) Fill in the table below and answer the following questions. Show your step-by-step calculations either by typing them in the text box below or by submitting a photo of your handwritten calculations to the Drop Box.(b) How much output will the firm choose to produce? Explain why the firm chooses this level of output.QuantityPriceTotal RevenueTotal CostProfitMarginal RevenueMarginal Cost0$45$501$45$902$45$1203$45$1404$45$1705$45$2106$45$2607$45$3304. Choose a firm that has monopoly power. Explain how each of the three barriers to entry would apply to that firm. Do not choose a firm that is covered in the text or course materials5. Describe the demand curve for a monopolist. Why does the monopolist’s demand curve look different than the demand curve of a perfectly competitive firm?6. What is meant by Average Cost Pricing in terms of monopoly regulation? Discuss the difficulties in Average Cost Pricing.#7…….250 WORDS…..APA CITED….2 SOURCES…….7. choose a FISCAL policy that you would recommend to help an economy that is in a recession. Make sure you pick a specific government or tax policy. Saying to increase government spending or an expansionary policy is not a fiscal policy and does not answer the question. You should not choose a monetary policy (i.e. interest rate manipulation, selling of bonds, or printing of money).Explain how your policy would help increase aggregate demand. That is, does it increase C, I, G, or X? Explain what would happen to prices (i.e. inflation). You may use either the Modern Keynesian model or the Classical Model to conduct your analysis. Just be sure to note which one you are using.