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Imagine a firm, Canary Technology. It started out selling generic software, in a Perfectly Competitive market, where many small firms sold basically the same software.
Imagine a firm, Canary Technology. It started out selling generic software, in a Perfectly Competitive market, where many small firms sold basically the same software. Twenty-Five years later, it is the only firm selling a very specialized type of software that can add years to the lives of patients with heart disease. Tell me how CanaryTechnology evolved to become a Monopoly. What changes occurredto the economic characteristics of the firm at each phase?
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