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This document discusses the characteristics and economic model of pure monopoly. A pure monopoly is defined as a single firm that is the sole producer of a product without close substitutes and faces a downward-sloping demand curve. As the sole producer, the monopolist acts as a price maker and can restrict output to maximize profits by producing where marginal revenue equals marginal cost. While this leads to higher prices and reduced output compared to competition, a monopoly may also invest in research a

Author

Zandro Louie Oraño

Language

EN