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Economics - Financial Markets
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OpenStudy (anonymous):
A benefit of monopoly for the business owner is
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OpenStudy (anonymous):
the ability to set prices on her own
OpenStudy (anonymous):
No competition means the business owner can set their price where it will be most profitable for them according to their marginal revenue and marginal costs (where the two are equal is the most profitable quantity to produce, then find the price on the demand curve that equates with that quantity).|dw:1338944353798:dw|
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