monopoly market

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Last updated 3:44 PM on 5/8/26
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7 Terms

1
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what are the characteristics

  • one seller dominating the market

  • differentiated goods

  • firms are price makers

  • high barriers to enter and exit

  • imperfect information

  • firms profit max

2
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what is a pure monopoly

100% of market share

3
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what is a legal monopoly

has more than 25% of the market share

4
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are they allocative efficient

no

5
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are they productive efficient

no

6
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are they x-efficient

no

7
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are they dynamically efficient

yes