Question 1
One method of regulating a natural monopoly is known as average-cost pricing. Using this method, the regulator requires that the price be set equal to
◦ average fixed cost.
◦ marginal cost.
◦ long-run average cost.
◦ internal cost.
◦ average variable cost.
Question 2
Choose the statement that best describes the dilemma facing the regulator of a natural monopoly.
◦ Both kinds of regulation have the same implications for allocative efficiency.
◦ Marginal-cost pricing will result in productive and allocative inefficiency; average-cost pricing will not.
◦ Marginal-cost pricing leads to profit or losses; average-cost pricing results in allocative inefficiency.
◦ Marginal-cost pricing will result in allocative inefficiency; average-cost pricing leads to profits or losses.
◦ There is no dilemma.
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