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BASIC MICROECONOMICS (PART X): Economics: Monopoly and Competition Policy
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YouTubeSolomon Geleta
BASIC MICROECONOMICS (PART X): Economics: Monopoly and Competition Policy
Monopolies are single sellers without close substitutes, maintained by barriers such as government restrictions, resource control, network externalities, and natural monopoly conditions. Monopolists maximize profit by setting output where marginal revenue equals marginal cost, creating deadweight loss and reducing economic efficiency ...
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