Which of the following statements are true about this natural monopoly? Check all that apply. In order for a monopoly to exist in this case, the government must have intervened and The electricity company must own a scarce resource. The electricity company is experiencing economies of scale. O It is more efficient on the cost side for one producer to exist in this market rather than True or False: Without government regulation, natural monopolies can earn positive profit in the I

Which of the following statements are true about this natural monopoly? Check all that apply. In order for a monopoly to exist in this case, the government must have intervened and The electricity company must own a scarce resource. The electricity company is experiencing economies of scale. O It is more efficient on the cost side for one producer to exist in this market rather than True or False: Without government regulation, natural monopolies can earn positive profit in the I

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please a detailed type response to the question below. Make sure the graph is clear and visible. Double-check your answer and work too!

Which of the following statements are true about this natural monopoly? Check all that apply.
O In order for a monopoly to exist in this case, the government must have intervened and created it.
O The electricity company must own a scarce resource.
O The electricity company is experiencing economies of scale.
O It is more efficient on the cost side for one producer to exist in this market rather than a large number of producers.
True or False: Without government regulation, natural monopolies can earn positive profit in the long run.
O True
O False

6. Natural monopoly analysis
The following graph shows the demand (D) for electricity services in the imaginary town of Utilityburg. The graph also shows the marginal revenue
(MR) curve, the marginal cost (MC) curve, and the average total cost (ATC) curve for the local electricity company, a natural monopolist.
On the following graph, use the black point (plus symbol) to indicate the profit-maximizing price and quantity for this natural monopolist.
40
36
Monopoly Outcome
32
28
24
20
12
ATC
8
MC
4
MR
D
1
5
6
7
9
10
QUANTITY (Thousands of kilowatt-hours)
PRICE (Cents per Kilowatt-hour)

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