Natural monopoly occurs when

(a) long-run average costs decline continuously through the range of demand.
(b) economies of scale are obtained at relatively low levels of output.
(c) a firm owns or controls some resource essential to production.
(d) long-run average costs rise continuously as output is increased.

Randall's, inc. has 20,000 shares of stock outstanding with a par value of $1.00 per share. the market value is $12 per share. the balance sheet shows $42,000 in the capital in excess of par account, $20,000 in the common stock account, and $50,500 in the retained earnings account. the firm just announced a 5 percent (small) stock dividend. what will the balance in the retained earnings account be after the dividend?