As shown in the figure above, item 1 points to the ____.
Definitions:
Demand Schedule
A table that shows the quantity of a good or service demanded at different prices.
Natural Monopolist
A single firm that can supply a good or service to an entire market at a lower cost than could two or more firms, leading to a natural monopoly situation.
LRAC Curve
The Long-Run Average Cost curve, showing the lowest average cost at which a firm can produce any given level of output in the long run when all inputs are variable.
Patents
Legal documents granting an inventor exclusive rights to produce, use, and sell an invention for a certain period of time.
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