Chapter 25 - Monopoly and Price Discrimination

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natural monopoly

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1

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.

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2

network externality

A** ________** is the value of a product to the consumer increases with.

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3

economic profit

Rent- seeking** is a process of using public policy to gain ________.

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4

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.

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5

Price discrimination

________** is the practice of selling a good at different prices to different consumers.

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6

law of demand

The switch to monopoly increases the price and decreases the quantity demanded because consumers obey the ________.

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