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3. L and P Power is a natural monopoly supplying electricity for a city. The firm produces the profit maximizing quantity of electricity and earn

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3. L and P Power is a natural monopoly supplying electricity for a city. The firm produces the profit maximizing quantity of electricity and earn a positive economic profit. A. Describe a condition that distinguishes a natural monopoly from a typical monopoly B. Draw a correctly labeled graph for the natural monopoly market in which L and P Power operates and show each of the following: a. The profit maximizing quantity, labeled Q. b. The profit maximizing price, labeled P

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