A shortage means that the quantity demanded is greater than the quantity supplied at the prevailing price

Producing leather creates external costs in the form of water pollution. The figure above illustrates the market for leather. In the absence of any government regulation, how many tons of leather will be produced?

A) 0 tons B) 200 tons C) 300 tons D) more than 300 tons E) None of the above answers is correct.

A natural monopoly is any market in which competition and entry are restricted by the granting of a public franchise, government license, patent, or copyright

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