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3 Cards in this Set
- Front
- Back
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Monopoly Assumptions
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1. One seller
2. No substitutes exist 3. Firm is price-maker 4. Entry barriers exist 5. Firm is profit-maxmizing |
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Monopolist
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-price setter
-obeys law of demand |
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Demand facing the Monopolist...
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is a negative slope, identical to market demand, because the monopoly is the market
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