Econ Chapter 7 Short Answer
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has many firms, some variety of goods, little control over prices, and low barriers to entry
Monopolisically competition
they issue patents and licenses
Name two ways in which government can grant a monopoly.
start-up costs and technology
What are two common barriers to entry?
practice of setting the market price below cost to drive competitors out of business
What is predatory pricing?
dominated by a few firms, some variety of goods, some control over prices, and high barriers to entry
oligopoly
