If the long-run average total cost curve of an industry is declining at the point where it intersects the industry demand curve, we can expect: A) an overallocation of resources. B) the industry will be purely competitive. C) the industry will be monopolistically competitive. D) the industry will be a natural monopoly.

The answer is (D). The industry will be a natural monopoly. If the long-run average total cost curve of an industry is declining at the point where it intersects the industry demand curve, we can expect the industry will be a natural monopoly.

What is natural monopoly?

This is when all means of production is owned and held by one person where in there is lack of competition.

A natural monopoly is an industry that runs best when one firm produces all the output.

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