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4 Cards in this Set
- Front
- Back
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What is a pure monopolist? |
A single seller in an industry, with zero competition |
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What is a working monopoly? |
When a firm holds greater than 25% of a markets total sales. |
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What is a dominant firm? |
A firm that has at least 40% of their given market |
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What are the characteristics of a pure monopoly? |
Price maker
Market power to raise price above marginal cost without losing customers
Aim to maximise profits |
