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Brenden
8 July, 15:19
Characteristics of a monopoly
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Kirsten
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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