1. In a monopoly structure, there is one firm and entry of other firms is blocked completely....

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1. "In a monopoly structure, there is one firm and entry of other firms is blocked completely." This statement appears in your chapter 7 notes. Explain the concept, "other firms are blocked completely". (6 points) a. How are other firms blocked? Explain at least two ways

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1. In a monopoly structure, there is one firm and entry of other firms is blocked completely....

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