Monopoly2
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1. Barriers to entry protect monopolies from competition and allow them to maintain supernormal profits in the long run. Barriers include economies of scale, natural monopoly conditions, product differentiation, ownership of distribution channels, and legal protections. 2. Monopolies may engage in limit pricing by charging below the short-run profit-maximizing price to deter potential new entrants from entering the market. However, very large profits still attract new entrants. 3. While monopolies are inefficient compared to perfect competition, they can drive innovation through research and development spending and face constraints from corporate takeovers if they become too inefficient.
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The document discusses different market structures and pricing under each structure. It covers the four main market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. For each structure, it describes characteristics like number of firms, entry barriers, product differentiation. It then discusses pricing determination. Under perfect competition, firms are price takers and price equals marginal cost. Under monopoly, the single firm influences price by adjusting output to where marginal revenue equals marginal cost. Under monopolistic competition, in the short run firms maximize profits where marginal revenue equals marginal cost, and in the long run price equals average cost.
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