Prompt 5 : Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves cleariy labeled and must show directional changes. If the question prompts you to "Calculate," you must show how you arrived at your nal answer. L&P Power is a natural monopoly supplying electricity for a city. The rm produces the prot- maximizing quantity of electricity and earns a positive economic prot. (a) Describe a condition that distinguishes a natural monopoly from a typical monopoly. (b) Draw a correctly labeled graph for the natural monopoly market in which L&P Power operates and show each of the following. (i) The prot-maximizing quantity, labeled QM (ii) The prot-maximizmg price, labeled PM (iii) The area representing economic prot, shaded completely (c) Suppose the government wants to regulate L&P to produce the maximum quantity that would allow it to earn zero economic prot. On your graph in part (b), show the maximum quantity it will produce to earn zero economic prot, labeled QR, and price, labeled PR (d) Suppose instead the government wants to regulate L&P to produce the allocatiyely eicient quantity. (i) Does L&P earn positive economic prot if it produces the allocatiyely eicient quantity? Explain. (ii) Under what condition will L&P agee to produce the allocatively efficient quantity