Exam (elaborations)
Microeconomics 103 George Mason University Final Rustici Questions with Correct Answers
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What creates legal monopolies? The government, for example, agriculture What will monopolies do? 1) Restrict output 2) Raise price 3) Reduce consumer surplus 4) Have monopolistic profit 5) Have inefficiencies Types of monopolies 1) Cartel 2) Single Price Monopoly 3) Perfect Price Discriminating M...
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