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Please answer the question using microeconomic theory. (a) Explain why governments run natural monopolies instead of letting markets achieve an efficient allocation. (10 marks) (b)

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Please answer the question using microeconomic theory.

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(a) Explain why governments run natural monopolies instead of letting markets achieve an efficient allocation. (10 marks) (b) Explain what the core of the economy is and why do we use it. (10 marks) (c) Explain why two firms competing by Stackelberg would produce more than same firms competing by Cournot. (10 marks)

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