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8 July, 15:19

Characteristics of a monopoly

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  1. 8 July, 17:07
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    Number of firms - one Nature of product-a unique product with no close substitute Entry - completely blocked Information - complete Collusion between sellers - irrelevant Firm's control over the price of product - considerable, but limited by market demand and goal of profit maximisation Demand curve of the firm's product - equals market demand curve : downward sloping Long-run economic profit - can be positive
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