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What is meant by the term market power?What forces limit the monopolist's market power? What is the profit maximizing /loss minimizing rule a firm should

What is meant by the term "market power"?What forces limit the monopolist's market power?

What is the profit maximizing /loss minimizing rule a firm should follow regardless of the market structure within which the firm is operating?

If patents reduce competition, why does the federal government grant them?

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