Write down the major characteristics of pure monopoly

Reference no: EM13390378

What are the major characteristics of pure monopoly? What are the major barriers to entry that explain the existence of monopoly? What is the relationship between economies of scale and a natural monopoly? Some economists argue that pure monopolists will purposely avoid the price-output combination that will maximize their profits. Explain how this less-than-maximum profit behavior could be rational.

Reference no: EM13390378

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