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Why the monopoly firm does not necessarily choose

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Reference no: EM132208439

Question: a. A monopoly firm produces 100% of its industry's output. Explain in your own words the conditions that typically lead to having a monopoly provider of water, electricity, and sanitary sewers in a given community instead of having competitive markets for these services.

b. Explain in your own words why the monopoly firm does not necessarily choose the highest possible price when it offers its output for sale. How does it choose its price?

Reference no: EM132208439

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