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Why is there a social cost to monopoly power

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Reference no: EM13321688

1. What are some of the different types of barriers to entry that give rise to monopoly power? Give an example of each.

2. What factors determine the amount of monopoly power an individual firm is likely to have? Explain each one briefly.

3. Why is there a social cost to monopoly power? If the gains to producers from monopoly power could be redistributed to consumers, would the social cost of monopoly power be eliminated? Explain briefly.

Reference no: EM13321688

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