2.2.2 Monopoly (6) QUESTION THREE [20] Questions 3.1 to 3.2 relates to the diagrams below. LAC Cost (RS) Cost (RS) LAC Output Output Panel A Early diseconomies Cost (RS) LAC Constant LAC Output Panel B Extended economies 3.1 Choose a contemporary business and discuss two factors that bring about the economic concept illustrated in Panel A for that business, (14 ) 3.2 Explain the meaning of the LAC curve in Panel C. (6) REGENT BUSINESS SCHOOL (RBS) - January 2020