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The social cost of market being a monopoly is ______________, while one of possible benefits may be __________ a) higher output than if the market
The social cost of market being a monopoly is ______________, while one of possible benefits may be __________
a) higher output than if the market were perfectly competitive; more competition
b) higher consumer surplus than if the market were perfectly competitive; unique product
c) deadweight loss and rent seeking activities; product innovations
d) lower price than if the market were perfectly competitive; technological innovations.
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