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Flashcards in Chapter 50 Deck (4)
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1
Q

What is a monopolist?

A

A monopolist is a firm which controls all the output in a market.

2
Q

What is a monopoly or pure monopoly?

A

This is a market structure, where one firm supplies all output in the market without facing competition because of high barriers to entry to the market.

3
Q

Explain monopoly power.

A

Monopoly power exists when firms are able to control the price they charge for their product in a market.

4
Q

Explain price discrimination.

A

This is where firms charge a different price for the same good or service in different markets.