In these situations, profit is maximized when marginal cost equals marginal revenue, which results in inefficiency due to deadweight loss.
A "revolution" in the theory of this concept claims that it doesn't require regulation when entry cost is low. Hotelling's law states that it is sometimes advantageous to consumers, and natural ones arise due to economies of scale. In these situations, profit is maximized when marginal cost equals marginal revenue, which results in inefficiency due to deadweight loss. It is characterized by high barriers to entry and no close substitutes to a given product. For 10 points, name this market structure in which there is only one provider of a good or service.
A "revolution" in the theory of this concept claims that it doesn't require regulation when entry cost is low.
{monopoly} [accept word forms]