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Describe and examine the concept of natural monopoly.
a) How is a natural monopoly definite?
b) Describe and examine advantages and disadvantages of setting a regulated natural monopoly's price to either marginal or average cost, respectively.
c) Name three (possible) real-life natural monopolies of your choice. Why are they natural monopolies?
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Consumer expenditure on durable goods such as cars & furniture, as well aspurchases of new houses, fall much more than expenditure on non-durable goodsand services during recession
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