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Read:
Chapter 9: Competitive Markets for Goods and Services [Attachment]
Chapter 10: Monopoly [Attachment]
Introduction to Economic Analysis, pp. 204 – 216 [Attachment]
Watch:
Khan Academy. (2019, March 4). Perfect competition | Microeconomics | Khan Academy [Video]. YouTube. https://youtu.be/B_49lQxwMaM
Khan Academy. (2019, March 12). Long-run economic profit for perfectly competitive firms | Microeconomics | Khan Academy [Video]. YouTube. https://youtu.be/Xx5-O8kDMvU
Khan Academy. (2019, March 15). Monopolies vs. perfect competition | Microeconomics | Khan Academy [Video]. YouTube. https://youtu.be/PgDrR2wj_Jc
Khan Academy. (2019, March 15). Economic profit for a monopoly | Microeconomics | Khan Academy [Video]. YouTube. https://youtu.be/PEFEnss–mU
For ESSAY:
Respond to the following question in at least three well-composed paragraphs:
What are the necessary conditions for a monopoly position in the market to be established?
Note: Be sure to use in-text citations and provide references for your sources, including textbooks.
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