"In country B

"In country B. there is only one airline company which services all the small towns within the country." a. Using relevant diagrams of profit maximization, illustrate and explain the airline's profit scenarios in the short-run. (12 marks) b. What profit scenario do you expect the airline company to experience in the long-run? Give your reasons. (3 marks) c. Explain the term barriers to entry. Discuss TWO (2) possible barriers of entry for the airline industry in country B. (6 marks) d. Suggest ONE (1) benefit and ONE (1) drawback of a single firm controlling the entire market (4 marks)