-We Know That the Firm Shown in the Figure Above

question 134

Multiple Choice

-We know that the firm shown in the figure above is a natural monopoly because as output increases, the

• A) marginal cost is constant.
• B) demand curve slopes downward.
• C) marginal revenue curve lies below its demand curve.
• D) average total cost decreases so that the firm can supply the market at lower cost than two firms.

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Definitions:

Seventeenth-Century

Refers to the time period from 1601 to 1700, often marked by significant events, cultural shifts, and historical developments in various parts of the world.

Economically Independent

Refers to the ability of an individual, organization, or nation to sustain themselves financially without external assistance.

James II

Brother to Charles II, he became the king of England, Scotland, and Ireland, remembered for his attempts to reinstate Catholicism and his subsequent ousting in the Glorious Revolution.

Governor Edmund Andros

A colonial administrator in North America, known for his unpopular governorship in the Dominion of New England, where his actions sparked resistance among the colonists.