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1. A monopoly has... A. low barriers to entry. B. the ability to determine the price it charges. C. zero economic profits in the long run. D. a perfectly elastic marginal revenue function. 2. A _____ is considered a socially efficient monopoly when regulated appropriately. A. natural monopoly B. "u-shaped" average cost monopoly C. local monopoly D. diminishing marginal product monopoly.

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1. A monopoly has... A. low barriers to entry. B. the ability to determine the price it charges. C. zero economic profits in the long run. D. a perfectly elastic marginal revenue function. 2. A _____ is considered a socially efficient monopoly when regulated appropriately. A. natural monopoly B. "u-shaped" average cost monopoly C. local monopoly D. diminishing marginal product monopoly

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