term1 Definition1term2 Definition2term3 Definition3
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monopoly
a firm that is the sole seller of a product without close substitutes
Barriers to entry
monopoly resources: key resource required from production is owned by a single firm
government regulation: government gives a single firm the exclusive right to produce some good or serviceproduction process: single firm can produce output at a lower cost than can a larger number of firms
natural monopoly
a monopoly that arises because a single firm can supply a good or service to an entire market at a small cost than could two or more firms
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