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Question#1: What is the Monopoly Price & Output in the Graph? Answer: Price =_ & Output = Question#2: What is the Efficient Price & Output in the Graph? Natural Monopoly Answer: Price = & Output = Question#3: What is the Fair-Return Price & Output in the Graph? Answer: Price =_ & Output = Price, Revenue & Cost Question#4: LRAC (i) Which Price is more? Answer: Circle the correct answer: Fair-Return Price LRMC or Efficient Price MR D=P=AR 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 6 (ii) Which Output is more? Answer: Circle the correct answer: Fair-Return Output Quantity of Output or Efficient Output