Chapter 8- Monopoly

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4 Terms

1
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pure monopoly characteristics

-single seller and no substitutes

-price maker

blocked entry (no immediate competitors)

2
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four barriers to entry

- legal barriers

- ownership or control

-economies of scale

- pricing and advertising strategic barriers to entry

3
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patents

the exclusive right of an inventor to use or to allow another to use, her or his invention

4
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licensing

radio and television; taxicab, state-owned liquor stores