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Why Is Monopolies Harmful And How Can Regulation Ameliorate These Harmful Effects?
Beginning of essay
Why Is Monopolies Harmful and How Can Regulation Ameliorate These Harmful
Why is monopoly ‘harmful? How can regulation ameliorate these harmful effects?
What problems confront the regulators?
In order to deduce that a monopoly is ‘harmful', there must be another market
system which is preferable to ....
Middle of essay
....guably, not the optimum).
In the long run under monopoly, supernormal profits persist. Under perfect
competition complete freedom of entry leads to the elimination of these profits
and forces firms to produce at the bottom of the long run average cost curve.
Under monopoly however, there are barriers to entry so as to prevent new firms
from entering the industry and reducing the monopolist's profits to the normal
level. Higher prices and lower output thus continue to persist in the long run.
D.... |
| Number of words: 876 |
Approximate pages: 4 |
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