Profits of monopolist over more benefits to consumers

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Reference no: EM131202031

Please answer the below question in 2 paragraphs at least. Please provide references. Do not submit a copy pasted work from online.

What are some socially undesirable effects of a monopoly industry (which means a single firm) producing less output than a similar competitive industry? How do you feel about the excess profits of a monopolist over more benefits to consumers? Provide specific examples to support your answers.

Reference no: EM131202031

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