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5 Cards in this Set

  • Front
  • Back

Marginal revenue and price relationship

Marginal revenue is less than price

Regulated Monopoly

P=MC

Monopoly charecteristics

Single seller



No close substitutes



Price maker



Blocked entry



Standardized or different product

Barriers to entry

Economics of scale



Patent, licenses, and copyrights



Ownership of central resources

Natural Monopoly occurs when:

Long run ATC decline continuously through the range of demand