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Which of the following is true under natural monopoly? a.Economies of scale exist.b.Output is produced under conditions of constant cost.c.The marginal cost curve will be

Which of the following istrueunder natural monopoly?

a.Economies of scale exist.b.Output is produced under conditions of constant cost.c.The marginal cost curve will be above the average cost curve.d.The monopolist will set price equal to marginal cost and will earn economic profits.

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