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A government notices that a natural monopoly with constant marginal cost has emerged in a particular market. The government does not know the general shape of the demand curve and is considering levying a $1 per-unit tax on the monopolist. One concerned citizen objects, claiming that the tax will result in consumers paying $1.50 more per unit. Should the government dismiss this citizen's concern as unreasonable? Does your answer change if the market is perfectly competitive? Explain.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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