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natural monopoly
A(n) ________ is a market in which the economies of scale in production are so large that only a single large firm can earn a profit.
network externality
A** ________** is the value of a product to the consumer increases with.
economic profit
Rent- seeking** is a process of using public policy to gain ________.
Flexjoints competitors
________ will need 3 years to develop and produce their own versions of the drug, so if Flexjoint isnt protected by a patent, its monopoly will last only 3 years.
Price discrimination
________** is the practice of selling a good at different prices to different consumers.
law of demand
The switch to monopoly increases the price and decreases the quantity demanded because consumers obey the ________.
Note
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