does a failure in natural monopoly imply private property rights are unethical ?
does a failure in natural monopoly imply private property rights are unethical ?
Homework Answers
Natural monopoly exists where average cost of production falls over the wide range of output. But monopoly firm does not operate at the efficient level or minimum level of output. or monopoly market maximizes profits where MR=MC. But social optimal level occurs where P = MC.
Monopoly restricts the output level. it can not be squarely termed as unethical as fall in average cost over the wide range is possible only if there is only firm in the market. Government needs to regulate natural monopoly to maximize the society well being. Private rights tend to reduce the average cost of production over the wide range of output.
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does a failure in natural monopoly imply private property rights
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