monday 11-30 - Causes of monopolies: o Monopoly of...

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Econ 1B Monday, November 30, 2009 Quiz on Wednesday- Profit max point for a competitive firm and a monopoly. Graphing profit. Monopoly: a firm that is the sole seller of a product with out close substitutions. It is a price maker It has market power- the ability to influence the price of a good it sells.
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Unformatted text preview: Causes of monopolies: o Monopoly of Resources o Government created monopolies, patents, and copyrights. o Natural Monopoly: arises because a single firm can supply a good or service to the market at a smaller cost than could two or more firms....
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This note was uploaded on 09/08/2010 for the course ECON 1B at San Jose State University .

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