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GCSE Economics > Lesson 20-Monopoly > Flashcards

Lesson 20-Monopoly Flashcards

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1
Q

Define a monopoly

A

A monopoly is a situation where there is one dominant seller in the market

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2
Q

State 3 features of a monopoly

A

Unique product
Price maker
Barriers to entry are high

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3
Q

State 2 advantages of monopolies

A

Innovations through high profits
Efficiency through EOS

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4
Q

State 3 disadvantages of monopolies

A

Higher prices
Reduced choice
Lack of Innovation

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GCSE Economics (42 decks)

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