A natural monopoly results when: a firm controls a raw material that is essential to produce a product O a firm's long-run average cost declines over the entire range of market demand a firm has developed the technology to produce a product that only it knows how to produce a firm has a patent that allows it to be the only producer of a product

Suppose that the quantity of natural gas demanded in a city is 70 billion cubic meters when the price is $0.24 per cubic meter. The table below shows the total costs for a firm supplying natural gas to this market. Is the firm a natural monopoly? Quantity (billion m³) 20 30 40 50 60 70 Total cost ($ billion) 4.5 6. 9.0 12.0 15.5 19.5 No, because two or more firms could satisfy the entire market demand at a lower total cost than a single firm can. No, because two or more firms could satisfy the entire market demand at a lower average total cost than a single firm can. Yes, because a single firm can satisfy the entire market demand at a lower total cost than two or more firms could. Yes, because a single firm can satisfy the entire market demand at a lower average total cost than two or more firms could.

The graph below shows the Market conditions of Honey’s Laundry service, which is the only laundry in Arizon Residential Area. Considering the shop as a Monopoly market, answer the following questions: (a)In order to maximize profit, how many clothes does the shop clean?[Answer in numerical value only without any unit] (b)If the opening of five new laundries turns it into a perfectly competitive market, what should be the price Sunny’s laundry be charging now?[Answer in numerical value only without any unit] (c)Compute the change in total revenue between part a and part b.[Answer in numerical value only without any unit]   Note: Bartleby does not accept more than 3 sub-parts, and here are no more than 3. Please solve all parts to get a 'like'. Thanks

Suppose a monopoly firm produces scooters and can sell 15 scooters per month at a price of $900 per scooter. In order to increase sales by one scooter per month, the monopolist must lower the price of its scooter by $25 to $875 per scooter. The marginal revenue of the 16th scooter is $25. $500. O $14,000. $27,500.

A patent gave Sony a legal monopoly to produce a robot dog called Aibo​. The​ Chihuahua-size pooch robot can​ sit, chase​ balls, dance, and play an electronic tune. When Sony started selling the toy in July​ 1999, it announced that it would sell 3,000 Aibo robots in Japan for about ​$2,000 each and a limited litter of in the United States for $2,500 each. Suppose that​ Sony's marginal cost of producing Aibos is ​$500.Its inverse demand curve is Pj= 3500−0.5Qj in Japan and Pa =4500−Qa Solve for the equilibrium prices and quantities​ (assuming that U.S. customers cannot buy robots from​ Japan).     The equilibrium quantity in Japan is ____and the​ price, Pj is $____​

The diagram below shows the curves for Durham Co., a natural monopoly. Price/ Cost (2700,$23) (2700 $15) MR Demand ATC MC Quantity What is the equilibrium quantity that Durham Co. will produce? What is the price that Durham Co. charges? $

The graph below presents the curves associated with the firm JT Minn.. JT Minn. is a monopolist that produces dishwashers. Move the point on the demand curve to represent the price JT Minn. would charge and the quantity at which they would produce. Price/ Cost (570,$20) (980,$33) Marginal I Revenue I Marginal Cost Demand Quantity

Explain why a computer store offering significant student discounts may require student buyers to sign an agreement not to purchase another computer from the store for a period of six months.- Monopoly Chapter

Compared to a perfectly competitive industry, a single-price monopoly produces more output the same output O less output

Consider a single-price monopoly. The government is considering to impose 10% tax on its profits. After the tax, the deadweight loss in this market will increase. True False