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Give an example of a government-created monopoly

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Reference no: EM132603641

i. Give an example of a government-created monopoly. Is creating this monopoly necessarily bad public policy? Explain.

ii. Define natural monopoly. What does the size of a market have to do with whether an industry is a natural monopoly?

iii. Why is a monopolist's marginal revenue less than the price of its good? Can marginal revenue ever be negative? Explain.

Reference no: EM132603641

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