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22 February, 01:30

Explain, using examples, the abuse of monopoly power as a market failure.

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  1. 22 February, 01:52
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    In the case of monopolies, abuse of power can lead to market failure. Market failure occurs when the price mechanism fails to take into account all of the costs and/or benefits of providing and consuming a good. A monopoly is an imperfect market that restricts output in an attempt to maximize profit.
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