5.6 Monopoly and Monopoly Power
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4 Terms
1
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Are monopolies price makers or takers?
Price makers
2
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List disadvantages of a monopoly
Higher prices,
Reduced output
Lack of efficiency
3
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List advantages of monopolies
Economies of scale
Dynamic efficiency - innvoation
Consistent service to customers
4
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What factors influence monopoly power
Barriers to entry, number of competitors, advertising and the degree of product diffferentiation
Note 
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