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Social Science
Economics
3.4.5: Monopoly
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Working monopoly
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Business with more than 25% share of a defined market
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Market Structures
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Terms in this set (17)
Working monopoly
Business with more than 25% share of a defined market
Dominant firm
Business with more than 40% market share
Natural monopoly
When long-run average cost falls continuously over a very large range of output
Pure monopoly
Single supplier in an industry
Entry barriers
Strategies to protect power of established firms and maintain supernormal profits
