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3 Cards in this Set
- Front
- Back
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True or False: Monopolies produce less, charge higher prices and earn larger profits in both the long term and the short term.
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True.
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A monopoly creates _______________ by charging a price above marginal cost.
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deadweight loss
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"Perfect Price Discrimination"
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Charges each consumer the highest price they are willing to pay in order to capture the total surplus in the market.
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