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6 Cards in this Set

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