The Long-Run Average Cost Curve of a Natural Monopoly

question 235

Multiple Choice

The long-run average cost curve of a natural monopoly

• A) is positively sloped until it crosses the demand curve.
• B) intersects the demand curve while it is negative sloped.
• C) intersects the demand curve while it is positively sloped.
• D) is the natural monopoly's supply curve.
• E) is the same as the natural monopoly's demand curve.

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Definitions:

Theoretical Approach

An organized set of principles and ideas intended to explain specific phenomena or guide research and practice in a particular field.

Functionalism

A theoretical framework in sociology that focuses on how the various parts of society contribute to the overall stability and functionality of the system.

Darwin

Charles Darwin, a 19th-century naturalist best known for his contributions to the science of evolution, proposing that species evolve over time through natural selection.

Evolutionary Theory

A scientific explanation of the diversity of life on Earth, stating that species change over time through processes like natural selection and genetic mutation.