question
which would be a natural monoply example?
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public utilities
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An unregulated natural monopolist will produce to the point where
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MR=MC
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The primary purpose of economic regulation is
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to control the price that regulated enterprises are allowed to charge.
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Which of the following is an example of economic regulation?
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rate regulation of natural monopolies
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In practice, regulators generally
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require firms to set price equal to average cost.
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Average cost pricing by regulated monopolies
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allows the firm to make a "fair" rate of return.
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The first legislation enacted to control the creation and growth of monopoly in the U.S. was
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the Sherman Antitrust Act
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The Sherman Act outlaws
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monopolization
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A violation of the Sherman Act requires
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behavior that indicates intent to monopolize
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The Supreme Court has generally considered a firm to be an illegal monopoly under the Sherman Act if
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Both B and C are required for a firm to be considered a monopoly.
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The legal system typically defines monopoly by looking at a firm's
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market share
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Suppose that a business has developed a very high-quality product and operates more efficiently in producing that product than any other potential competitor. As a consequence, at present it is the only seller of this product, for which there are few close substitutes. This firm
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is not in violation of U.S. antitrust laws because there has not been any "willful acquisition or maintenance of monopoly power" in the relevant market.
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