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Monopoly is a situation in which a single company or group owns all or nearly all of the market for a given type of product or service. By definition, monopoly is characterized by an absence of competition, which often results in high prices and inferior products. Monopolist behave in the same way as their competitor by determining
its profit-maximizing level of employment where Marginal Revenue Product=MWC.This equality produces a lower level of employment than would occur under
competitive product market conditions.
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Sep 15th, 2015
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