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In: Economics

1) What are 3 social costs caused by a monopoly? 2) Illustrate and explain what would...

1) What are 3 social costs caused by a monopoly?

2) Illustrate and explain what would occur if a competing business enters into a natural monopoly.

3) Draw a kinked demand curve. Illustrate and explain why the curve is kinked.

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Expert Solution

Rahul Sunny answered 1 year ago
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