The figure above provides information about Light-U-Up Utilities, which is a natural monopoly that provides electricity. What is the area of deadweight loss when Light-U-Up is regulated and follows a marginal cost pricing rule?

If beef and pork are substitutes for consumers, the cross elasticity of demand between the two products must be

A) negative. B) positive. C) indeterminate. D) elastic. E) greater than 1.

Pharmaceutical companies receive patents as an exclusive right to produce a drug. This results in

a. normal profits on the patented drug. b. monopoly status in the production of the drug. c. lower prices for patients requiring the drug. d. orphan drug status. e. fewer new chemical compounds discovered.