Exhibit 15.4 -Refer to Exhibit 15.4,which Shows the Revenue and Cost Curves

Exhibit 15.4

-Refer to Exhibit 15.4,which shows the revenue and cost curves for a natural monopolist.The monopolist will set the price equal to _____ if it is allowed to earn only a normal profit.

A) a
B) b
C) c
D) f
E) e