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Monopoly short answer questions

1. Fill in the following table for a monopoly’s market characteristicsMarket characteristicsMonopolyNumber of firmsOneProduct typeNo close substitutesKnowledgeImperfectBarriers to entry & exitHighPrice setting abilityPrice setterMonopoly’s legal definitionA firm has more than 25% market share2. Match the following descriptions to the barrier to entry and exit in the left hand column

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