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Describe the characteristics of a monopoly

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Reference no: EM132479947

Describe the characteristics of a Monopoly from point of view of the following:

a. Why does it exist?

b. What is the profit maximizing condition?

c. Why does it practice price discrimination?

d. What is meant by Arbitrage?

e. Why it's able to make profit in the long-run?

f. Explain how the monopolist chooses the quantity of output to produce and the price to charge, and state its profit maximizing condition

Reference no: EM132479947

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