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7. Explain why it is in the best interest of a monopoly for there to be a shortage of their product based on the price

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7. Explain why it is in the best interest of a monopoly for there to be a shortage of their product based on the price and output choice of a profit maximizing monopolist. 8. Define a natural monopoly and give two examples of industries that, absent government intervention, have been prone to developing a natural monopoly

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