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15 cards from this deck
Monopoly
Dynamic efficiency
X-inefficiency
High barriers to entry prevent new firms entering
Price maker
MR=MCMR = MCMR=MC
No, doesn't produce at lowest possible average cost
No, sets price above marginal cost (P>MCP > MCP>MC)
Price discrimination
Third-degree price discrimination
Natural monopoly
Barriers to entry
MR lies below demand curve
Market power, market segmentation, no arbitrage
Economies of scale
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