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ECON 103 > Chapter 15 > Flashcards

Chapter 15 Flashcards

1
Q

Monopoly

A

A firm that is the sole seller of a product without close substitutes

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2
Q

Natural monopoly

A

A single firm can provide a good or service at a lower cost than two or more other firms. ex: water in small town

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3
Q

Price discrimination

A

Selling the same good at different prices to different customers

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ECON 103 (5 decks)

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