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Consider a public utility that is a natural monopoly with falling long-run average costs. If a ...

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Consider a public utility that is a natural monopoly with falling long-run average costs. If a ...

Consider a public utility that is a natural monopoly with falling long-run average costs. If a regulatory agency ordered this firm to price all of its output at marginal cost, then the firm

▸ would have to shut down.

▸ would lose money unless it is subsidized.

▸ would earn profits since the demand curve is perfectly inelastic.

▸ would incur losses since the demand curve is perfectly elastic.

▸ could incur profits or losses depending on the position of the demand curve and the LRAC curve.

Textbook

Microeconomics

Edition: 17^th

Author: Ragan

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