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48. As compared to other firms that may have monopoly power, a natural monopoly: A. faces a demand curve that is inelastic throughout its entire output range. B. has average costs that decline, as it can increase output or production. C. is often the result of mergers. D. is likely to have a stranglehold on raw material sources. 6 49. Monopoly firms (=industry) who face regulation may be asked to set a fair return price which would be where: A. MR = MC, move to the demand curve. B. Price = ATC, but not at the lowest point on the ATC curve. C. Price = MC, but not where MC intersects MT. D. At equilibrium, where Qd = Qs. 50. Monopoly firms are usually considered less efficient than Perfectly Competitive firms because: A. there is allocation efficiency but not productive efficiency. B. there is productive efficiency but not allocation efficiency. C. this statement is false because we all know that monopoly firms must be efficient. D. they do not achieve allocation productive efficiency