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Hannah Microeconomics Chapter 15
Definitions
6
Economics
Undergraduate 1
11/28/2011

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Term
monopoly
Definition
a firm that is the sole seller of a product without close substitutes
Term
monopoly resource
Definition
a key resource required for production is owned by a single firm
Term
government regulation
Definition
the government gives a single firm the exclusive right to produce some good or service
Term
the production process
Definition
a single firm can produce output at a lower cost than can a larger number of producers
Term
natural monopoly
Definition
a monopoly that arises because a single firm can supply a good or service to an entire market at a small cost than could two or more firms
Term
price discrimination
Definition
the business of practice of selling the same good at different prices to different customers
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