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Figure 12.1.1 Refer to Figure 12.1.1, which shows the market for monopo...

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The horizontal axis represents quantity in millions of cubic metres of natural gas per month and ranges from 0 to 10 with interval 2. The vertical axis represents price in cents per cubic metre and ranges from 0 to 60 with interval 10. A straight downward-sloping curve is labelled D. A downward-sloping curve that is initially steep and becomes less steep is labeled LRAC. There is a point on the LRAC curve at (4,20) and a point at the intersection of the LRAC curve and the D curve at (8,10).

Figure 12.1.1

Refer to Figure 12.1.1, which shows the market for monopoly. In what type of market does this natural gas producer operate?

This market is
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