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Compared to a similar perfectly competitive industry, a single - price monopoly sets a lower price because there is less competition. produces more output. creates
Compared to a similar perfectly competitive industry, a singleprice monopoly
sets a lower price because there is less competition.
produces more output.
creates a deadweight loss and decreases consumer surplus.
creates a deadweight loss and decreases economic profit.
is more efificient begause there is no wastefil competition.
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