Higher prices often result from the complete lack of competition within, for 10 points, what economic situation which exists when only one seller of goods exists in an industry?
In this situation, maximum profit occurs when marginal cost is set equal to marginal revenue, rather than price. A "natural" one of these can occur if economies of scale create a high barrier to (*) entering the market. Higher prices often result from the complete lack of competition within, for 10 points, what economic situation which exists when only one seller of goods exists in an industry?
In this situation, maximum profit occurs when marginal cost is set equal to marginal revenue, rather than price.
monopoly