If the government wants to regulate a natural monopoly, it will force the firm to set price equal to
A) average cost.
B) marginal cost.
C) marginal revenue.
D) None of the above.
Question 2
Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at 0.20 per pound when 500 pounds are grown. If the long-run supply curve is horizontal, then
A) some firms will enjoy long-run profits because they operate at minimum average cost.
B) the long-run price will be 0.20 per pound.
C) each consumer will purchase 100 worth of potatoes.
D) the long-run price will be set just above 0.20 per pound.
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Government in America: People, Politics, and Policy, AP