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See page 329 10 Question (3 points) The three graphs below illustrate the market for electricity. The distribution of electricity is a natural monopoly: therefore, to take advantage of lower production costs. It is efficient to have only one firm in the market. Unfortunately, if a monopoly were allowed to provide electricity, it would charge a higher price and provide a smaller amount of electricity than would be desirable In other words, the unregulated monopoly would change the monopoly profit maximizine price. To weid this, the government will allow a sirutte firm to provide electricity, but the government will regulate the price tes compare possible remulatory solutions 6th attempt Part 1 (1 point) Feedback See Hint Part 1 (1 point) * Feedback Se Hint Suppose the monopoly is unregulated. Use the plot point tool to indicate the monopoly's profit-maximizing price and output on the demand curve. Then use the draw area tool to draw the monopoly's profit. To refer to the graphing tutorial for this question type, please click here Cectricity Market Electricity Market 16 15 11 Part 2 (1 point) Feedback See Hint Now, suppose the monopoly is regulated. Suppose the fovernment wants to set a price such that it generates the greatest welfare for society. Use the plot point tool to indicate the regulated price and output on the demand curve. Then use the draw area tool to draw the monopoly's loss Electricity Mirat 16 FITCH 16