Let's keep the focus on the question of monopolies and leveraging monopoly power. Most industries are in
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Let's keep the focus on the question of monopolies and leveraging monopoly power. Most industries are in a market structure akin to monopolistic competition. We like to explore the extremes of perfect competition and monopoly in order to understand the impact on consumer welfare and the economic profits of firms. Are there times when the government encourages a monopoly? if so, why?
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