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A monopoly is a single seller in an industry. There are two types of monopolies: natural monopolies which have market dominance due to high fixed costs and declining average costs; and legal monopolies which prohibit competition through law. Both types make output decisions by producing where marginal revenue equals marginal cost. For a natural monopoly with constant marginal cost, average cost declines as output increases. Marginal revenue is less than price and can be calculated by taking the change in to

Author

Nahid

Language

EN