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Why a monopolized industry will tend to produce less

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Reference no: EM13878262

1. Explain why a monopolized industry will tend to produce less than a competitive industry.

2. "If a monopoly retains its market power over the long long-run, it must be protected by barriers to entry." Explain. List some restrictions on the mobility of resources that might help a firm retain monopoly power.

Reference no: EM13878262

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