A natural monopoly results when: a firm controls a raw material that is essential to produce a product O a firm's long-run average cost declines over the entire range of market demand a firm has developed the technology to produce a product that only it knows how to produce a firm has a patent that allows it to be the only producer of a product

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A:

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A: Given information Income=60 When accident income=20 Probability of accident=0.45

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A: Contingent simply refers to the random plan/event. Hence, contingent consumption means consumption…

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A: Elasticity measures the responsiveness of quantity demanded to changes in price level.

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A: Firms in perfect competition are price takers meaning they accept the market price as given.

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A: Complements are goods that are consumed together. Substitutes are goods where you can consume one in…

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A: Given information: C = 100 + 0.7Y Y = 200

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A: The correct answer is given in the second step .

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A: Electric Forklifts  Cost = $75,000 2 years ago Salvage Value = $10,000 Operating cost = $20,000…

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Q: Question 43 Over the last 50 yearn, interent rates have risen before each recession and have fallen…

A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…

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A: Since you have asked multiple question, we will solve the first question for you. If you want any…

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A: Indifference Curve is the curve that shows a person’s utility level for different combinations of…

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A: Answer: Long-run average total cost: it is the smallest short-run average cost to produce a…

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Q: Describe the First Welfare Theorem.

A: NOTE: .We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

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Q: 6. In this problem, we analyze the effects of an import quota applied by a country facing a Foreign…

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A: Answer is given below

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A: The gross domestic product (GDP) is a monetary measure of the market value of all final goods and…

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