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Monopoly arises when a single firm produces a good or service that has no close substitutes and a barrier to entry exists. Barriers to entry
Monopoly arises when a single firm produces a good or service that has no close substitutes and a barrier to entry exists. Barriers to entry can be in two forms, natural and non-natural barriers and these barriers resulted in monopoly power.
(a) Discuss the government effectiveness to reduce monopoly power.
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