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In a particular product market, there is only one seller and there are significant barriers to entry. (A) Explain how this firm determines its equilibrium

In a particular product market, there is only one seller and there are significant barriers to entry.

(A) Explain how this firm determines its equilibrium output and price.

(B) Explain whether this firm is producing the economically efficient level of output. In your

answer include a brief definition of economic efficiency.

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