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Colin is the only producer of toothpaste in his small, remote village. Since it is a necessity, people are willing to pay higher prices for
Colin is the only producer of toothpaste in his small, remote village. Since it is a necessity, people are willing to pay higher prices for this item. Colin knows this and increases his prices exponentially. What type of market failure is this? Group of answer choices Moral hazard Monopoly Adverse selection No market failure
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