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Which of the following statements about a natural monopoly is NOT correct? a. It is more efficient to have a single firm produce the good.

Which of the following statements about a natural monopoly is NOT correct?

a. It is more efficient to have a single firm produce the good.

b. Production of the good must involve economies of scale throughout the relevant output range.

c. It typically results from a firm's possession of an exclusive patent.

d. One large firm can produce at lower cost than two or more smaller firms

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