If the firm sells 5 units at a price of $7 each and 8 units at a price of $5 each, then the firm faces

a flat demand curve

none of the above

a downward-sloping demand curve

an upward-sloping demand curve

Natural monopoly is beneficial for society because

natural monopoly is not beneficial to society

it produces at low unit cost

it is a single seller in the industry

there are barriers to entry

Which of the following is not a typical barrier-to-entry?

an identical product

a patent

economies of scale

licensing