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5 Cards in this Set
- Front
- Back
Marginal revenue and price relationship |
Marginal revenue is less than price |
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Regulated Monopoly |
P=MC |
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Monopoly charecteristics |
Single seller No close substitutes Price maker Blocked entry Standardized or different product |
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Barriers to entry |
Economics of scale Patent, licenses, and copyrights Ownership of central resources |
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Natural Monopoly occurs when: |
Long run ATC decline continuously through the range of demand |