![]() Economic and/or legal restrictions, strategies or situation that make entry more difficult for new competitors than for the existing monopoly firm. ![]() Patents, copyrights, licenses, franchises: government protection of a firm’s to produce a unique product. Perfect competition, monopolistic competition, oligopolistic, monopoly ( numbers of firms, price ) Sources of monopoly entry barriers: Natural monopoly: the most efficient scale of production is so large, relative to market demand, a single firm dominates the market. When you have a monopoly you can ask any price you like. Definition of monopoly: A market in which there are many buyers but only one seller. Issues in monopoly Is monopoly good or bad ? References. Natural monopoly and the firm single source suppliers. ![]() Transcript: Hessa Azza Asma Khulood contents The definition of monopoly.
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