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4 Cards in this Set
- Front
- Back
Monopoly |
Situation where there is one dominant seller in the market (with over 25% market share) |
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4 features of monopolies |
One business dominates Unique product Price maker Barriers to entry |
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3 advantages of monopolies |
Efficiency Innovation Economies of scale |
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4 Disadvantages of Monopolies |
Higher prices Restricted choices Lack of innovation Inefficiency |