Computer Monitor Questions

Hi I'm looking to buy a new monitor for my computer. I'm currently using an nokia 500xa. It's got a contrast ratio of 300:1 and 30ms response. It's pretty damn old and I think it's time for an upgrade. I just have a few questions about monitors.

1) What the average contrast ratio of a monitor?
2) Should I get a monitor that has dynamic contrast ratio or static contrast ratio?
3) Is dynamic contrast ratio any good?
4) Is this monitor good: http://www.jr.com/JRProductPage.process?Product=4158793?

Any help would be appreciated.