The long-run average total cost curve of a natural monopolist Multiple Choice X Is U-shaped. O reflects declining average fixed costs. O falls continuously as more output is produced. O reflects diminishing returns.Regulation seeks to change market outcomes directly by Imposing specific limitations on price, or Investment decisions. Multiple Choice O competition X Input O output O Industry structureBefore deregulation of the telephone Industry, Multiple Choice X telephone service prices were lower than after deregulation. O cutthroat competition eliminated profits. O the volume of long distance phone use was lower than after deregulation. O there were greater variety and quality of service than after deregulation