QUESTION 6 When speaking at the Australasian Transport Research Forum in 2019, the chair of the ACCC stated that "a monopolist that controls bottleneck infrastructure, such as a port, operating without regulation, has a clear incentive to maximise profits by raising prices even if this means reduced volumes or less use of their service." Which of the following are valid explanations for the existence of monopolies? 1. Entry into an industry can be blocked by legislation, allowing only one supplier to exist. 2. Network Externalities 3. They have control over key raw material resources. (O Only 1is correct. O Only 2 is correct. (O Both 1 and 2 are correct. O Both 2 and 3 are correct. (O All three are correct