Micro Ch.16 Terms and Definitions

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4 Terms

1
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monopoly

a firm that is the sole seller of a product without close substitutes

2
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natural monopoly

a type of monopoly that arises because a single firm can supply a good or service to an entire market at a lower cost than could two or more firms

3
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price discrimination

the business practice of selling the same good at different prices to different customers

4
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Because a monopoly is the sole producer in its market

it faces a downward-sloping demand curve for its product