2.Explain Characteristics of Pure Monopoly,
a) Barriers to Entry into the market,
b)Natural Monopoly
c) Government Monopoly, Downward Sloping Demand Curve, Economies of Scale, Monopoly Pricing, Price Maker, Market Power, Economic Profits, Imperfect Competition, Rent Seeking Behavior, X-inefficiency, Deadweight Loss to Society, Marginal Cost, Marginal Revenue, Antitrustand Bundling.
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