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Why Do Monopolies Exist?
Monopolists have market power and as a consequence will charges higher prices and generate less output than a competitive industry. It produces profit for the monopolist within the short and long run.
Profits will not persist within the long run unless there is a barrier to entry. It can take the type of:
a. Control and manage of natural resources or inputs,
b. Technological superiority, or
c. Economies of scale,
d. Legal restrictions imposed through governments, comprising patents and copyrights.
Illustrate the application of economic theory to some business problems
tce
The institutional intervention theories Collective bargaining provides an example of what is sometimes called bi- lateral monopoly; the trade union being the monopolist suppli
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