Summarize and Discuss how this  contents might apply in your personal or professional life. The characteristics of a pure monopoly, the barriers to entry that makeand protect monopolies, price and output determination under trust, the economic effects of faith, price discrimination under monopoly, and the regulation of monopolies barriers to entry and how these barriers may occur to some extent in any form of imperfect competition, not just in a pure monopoly.natural monopolies. It's essential to understand how cartels make their money, the difference between the determination of marginal revenue in pure competition and in pure monopoly misconceptions of monopoly pricing behavior, and a comparison of efficiency in pure competition and pure monopoly.

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The concepts discussed in this content have several implications for both personal and professional life 1 Understanding Market Dynamics Knowledge of ... View the full answer