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Monopoly (Barriers to entry (High start-up costs, Sole control over raw…
Monopoly
Barriers to entry
High start-up costs
Sole control over raw materials
Legal monopoly
Patents/Copyrights
Mergers and Take-overs
Economies of scale
Assumptions
Maximise profits
Barriers to entry
Control price or quantity but not both
Firms in the industry
Disadvantages
no choice
no incentive to innovate
inefficient
price discrimination
Advantages
Job security
possible lower costs
government control
Privatisation
Advantages
Disadvantages
downward sloping demand curve
deregulation
nationalisation