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Monopoly
Characteristics of monopoly markets:
1 A single seller of a highly differentiated product.
2 The product offered by the seller has no close substitute.
3 High entry barriers, with high costs and significant barriers to competition.
4 The firm has considerable pricing power.
5 The product is differentiated through non-price strategies such as advertising.
Source of monopoly power:
A patent or copyright that prevents other firms from entering the market.
Control over critical resources used for production.
Government-controlled authorization (natural monopolies). e.g., public utilities.
Strong brand loyalty can become a formidable barrier to entry.
Increasing returns associated with network effects. Network effects result from synergies related to increasing market penetration.
Supply Analysis in Monopoly:where MR = MC.
Natural Monopoly in a Regulated Pricing Environment:monopoly equilibrium and the competitive equilibrium.
Monopoly:Monopoly:1 A single seller of a highly differentiated product.:advertising.from synergies related to increasing market penetration.
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