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Monopoly

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Term
Definition
Barriers to entry   show
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show Sometime called organisational slack Not reducing costs to the lowest level – the gap between the actual and lowest possible cost  
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show A grant of temporary monopoly rights over a new product  
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Copyright   show
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show Taking a firm/industry into public ownership – owned by the state  
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show Existing firm(s) in the industry  
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show Setting a price so low that other firms will not enter the industry  
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show Irretrievable costs that occur when a firm exits an industry  
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Legal monopoly   show
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Product differentiation   show
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show Setting the price at the level of marginal cost  
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show Setting the price at the level of average cost  
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Dead-weight / welfare loss   show
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Price discrimination   show
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show When the discriminating can charge a separate price to each individual consumer  
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2nd degree   show
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3rd degree   show
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Created by: zuigy
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