7 Monopoly exists when there are high barriers to entry and a single producer of a product...
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7 Monopoly exists when there are high barriers to entry and a single producer of a product for which there are no satisfactory substitutes. A monopolist maximizes profits by expanding output as long as marginal revenue exceeds marginal cost. At this output level, product price exceeds marginal cost.
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Related Book For 
Essentials Of Economics
ISBN: 396414
2nd Edition
Authors: James D Gwartney; Richard Stroup; J R Clark
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