What is a natural monopoly? Give two examples of monopolies you consider natural.
Answer to relevant QuestionsWhy does the government issue patents? Why is the demand curve for a firm in monopolistic competition downward sloping? If you were an entrepreneur in a perfectly com petitive market, would you attempt to innovate? Why or why not? Why does the firm's demand curve become more elastic in a monopolistically competitive market as more firms enter the market? The following table shows cost data for three firms in perfect competition: Draw the supply curve for this perfectly competitive market.
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