Hotelling's law describes one beneficial outcome of this situation.  William Baumol described a "Revolution" in the theory of this type of market, which claims that low entry cost markets are unfavorable to this situation.  In this situation, profit maximization occurs when setting marginal cost equal to marginal revenue, w
Hotelling's law describes one beneficial outcome of this situation.  William Baumol described a "Revolution" in the theory of this type of market, which claims that low entry cost markets are unfavorable to this situation.  In this situation, profit maximization occurs when setting marginal cost equal to marginal revenue, which will result in a lower quantity sold at a higher price and thus deadweight loss.  For 10 points, name this market structure in which there is one producer.
Hotelling's law describes one beneficial outcome of this situation.  
monopolies