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10 cards from this deck
Only one firm operating in a market
MR=MCMR = MCMR=MC
On demand (AR) curve above MR=MCMR = MCMR=MC point
Barriers to entry prevent new firms entering
Ability to raise & maintain prices above competitive level
Regional water companies
Book on Economics of Imperfect Competition
Abnormal profit earned by monopolist over time
Give temporary exclusive rights, preventing rivals copying
Strength of barriers to entry
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