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4 Cards in this Set

  • Front
  • Back
Monopoly
market with only one firm
monopoly barriers to entry
Legal-franchise, license, patents, copyright
Economies of scale
Control of important inputs
Monopoly problems
Not fair for monopolists to maintain positive economic profits.
Monopoly leads to lower output and higher prices than what would occur under perfect competition. Thus, inefficient.
Monopoly problems price
have price discrimination