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6 Cards in this Set
- Front
- Back
Monopolist
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a firm that is the only producer of a good and can thus control price
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Market power
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the ability of a producer to raise prices
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Natural monopoly
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a monopoly that occurs in economies of scale, meaning that as output increases cost decreases (High fixed cost)
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Public ownership
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good is supplied by the government or a firm owned by the government
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Price regulation
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is a limit imposed by the government that controls by how much a monopoly is aloud to change price
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Price discrimination
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when a monopolist will charge different prices to different groups
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