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i. Give an example of a government-created monopoly. Is creating this monopoly necessarily bad public policy? Explain. ii. Define natural monopoly. What does the size
i. Give an example of a government-created monopoly. Is creating this monopoly necessarily bad public policy? Explain. ii. Define natural monopoly. What does the size of a market have to do with whether an industry is a natural monopoly? iii. Why is a monopolist's marginal revenue less than the price of its good? Can marginal revenue ever be negative? Explain
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