Monopolies

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  • Created by: izzy
  • Created on: 10-06-13 19:49

Economists use the word monopoly in two rather different ways, in terms of a strict definition and a rather looser definition. The strict definition refers to pure monopoly, which occurs when a single firm produces the whole of the output of a market or a pure monopolist faces no competition at all since there are no other firms to compete against. The looser definition refers to a market in which there is

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