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1: For a theoretical natural monopolist with down-sloping average total cost (ATC) curve -Marginal cost is always above ATC -Marginal cost is always
1: For a theoretical natural monopolist with down-sloping average total cost (ATC) curve
-Marginal cost is always above ATC
-Marginal cost is always below ATC
-Marginal cost crosses ATC at its minimum
-Marginal cost is always equal to ATC
2: Which of the following correctly completes the statement: "according to standard economic theory, the effect of a price control set by government below the unregulated price but above (or equal to) the average total cost for firms is to:
-reduce quantity supplied in both a competitive market and in a natural monopoly market.
-reduce quantity supplied in a competitive market, but increase quantity supplied in a natural monopoly market.
-increase quantity supplied in a competitive market, but decrease quantity supplied in a natural monopoly market.
-increase quantity supplied in both a competitive market and in a natural monopoly market.
3:
