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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.
The production function of a small shop that frames pictures is Q = 5 √ LK where Q is the number of pictures framed per day, L is labor hours and K is the machine hours.
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producer equllibrium
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