Arnold Harberger estimated this condition cost the United States $59 million annually during the 1920s. Gordon Tullock and Anne Krueger found that the social cost of "rent seeking," as exemplified by agents investing towards this condition, greatly exceeds a more famous quantity associated with it. Market failure or high externalities can create a social preference for this condition, a fact suggested by its graphical representation, which depicts (*) consumer surplus adjacent to the famous "triangle" of deadweight loss. Economies of scale may create the high barriers to entry in this situation, in which the producer 
Arnold Harberger estimated this condition cost the United States $59 million annually during the 1920s. Gordon Tullock and Anne Krueger found that the social cost of "rent seeking," as exemplified by agents investing towards this condition, greatly exceeds a more famous quantity associated with it. Market failure or high externalities can create a social preference for this condition, a fact suggested by its graphical representation, which depicts (*) consumer surplus adjacent to the famous "triangle" of deadweight loss. Economies of scale may create the high barriers to entry in this situation, in which the producer is not a price-taker. For 10 points, identify this condition contrasted with perfect competition in which a market is dominated by a single producer.
Arnold Harberger estimated this condition cost the United States $59 million annually during the 1920s.
monopoly [or word forms; do not accept "monopolistic competition"]