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3 Cards in this Set
- Front
- Back
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monopoly |
a firm that is the sole seller of a product without close substitutes |
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Barriers to entry |
monopoly resources: key resource required from production is owned by a single firm government regulation: government gives a single firm the exclusive right to produce some good or service |
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natural monopoly |
a monopoly that arises because a single firm can supply a good or service to an entire market at a small cost than could two or more firms |
