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4 Cards in this Set
- Front
- Back
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Monopoly
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market with only one firm
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monopoly barriers to entry
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Legal-franchise, license, patents, copyright
Economies of scale Control of important inputs |
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Monopoly problems
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Not fair for monopolists to maintain positive economic profits.
Monopoly leads to lower output and higher prices than what would occur under perfect competition. Thus, inefficient. |
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Monopoly problems price
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have price discrimination
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