Multiple Choice
What is a major characteristic of a natural monopoly?
A) The firm is a single seller of a resource.
B) The firm sets price equal to marginal revenue.
C) There is extensive product advertising.
D) There is a large range of output to which economies of scale apply.
E) There are major legal restraints preventing other firms from entering the market.
Correct Answer:
Verified
Correct Answer:
Verified
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