Suppose that the quantity demanded per day for a product is 90 when the price is $35.
Question:
Suppose that the quantity demanded per day for a product is 90 when the price is $35. The following table shows costs for a firm with a monopoly in this market:
Quantity (per day) Total Cost
30................................................$1,200
40..................................................1,400
50..................................................2,250
60..................................................3,000
Briefly explain whether this firm has a natural monopoly.
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We can calculate average total cost at each quantity To have a natural monopoly a firm must be ab...View the full answer
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