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Why are monopolies generally considered a bad thing from an efficiency standpoint? Are there instances where monopoly is a necessary market arrangement? How does the

Why are monopolies generally considered a bad thing from an efficiency standpoint? Are there instances where monopoly is a necessary market arrangement? How does the fair return price differ from the socially optimal price? Philosophically, do you believe a company that is producing a non-essential good should be prevented from achieving monopoly status if they abide by the law? Why or why not

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