Monopoly

4. Anything that prevents other firms from entering the industry
5. what indicates the presence of welfare (deadweight) loss in monopoly
8. occurs when firms use methods other than price reductions to attract customers from rivals
9. granted by governments for particular professions or particular industries,may be required, for example, to operate radio or television stations, or to enter a particular profession
10. firm that has economies of scale so large that it is possible for the single firm alone to supply the entire market at a lower average cost than two or more firms

1. what leads to falling average costs over a large range of output and firm scale
2. a market which has has an unlimited number of buyers and sellers, no barriers to entry or exit, and all firms sell homogenous
3. An important part of the marketing of the product through making the product different from its competitors
6. rights given by the government to a firm that has developed a new product or invention to be its sole producer for a specified period of
7. occurs when a firm lowers its price to attract customers away from rival firms, thus increasing sales at the expense of other firms