⭐️ MONOPOLY & IMPERFECT COMPETITION
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5 Terms
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What is a monopoly?
A single seller with high entry barriers and market power.
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Why does a monopoly create deadweight loss?
It restricts output below efficient levels.
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What is monopolistic competition?
Many firms selling differentiated products
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What is an oligopoly?
A market dominated by a few firms.
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What is Nash equilibrium?
A situation where no player wants to change strategies given others’ choices.
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