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1. Explain why marginal revenue is less than price for a monopolist. 2. Explain the difference between pure monopoly and natural monopoly. 3. Why does

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1. Explain why marginal revenue is less than price for a monopolist. 2. Explain the difference between pure monopoly and natural monopoly. 3. Why does one electric company can operate more cheaply than two for a given city? 4. Under what circumstances monopoly may offer efficiency advantages over perfectly competitive industry. 5. Discuss the difference between monopolistic competition and monopoly. 85 F Clear

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