A pure monopoly refers to a market structure where there is only one seller of a particular product or service, giving them complete control over the market.
Imagine you are the only person in your school who sells a specific type of candy. Since you're the only one selling it, you can set any price you want and control the entire candy market in your school.
Barriers to Entry: These are obstacles that make it difficult for new firms to enter a market dominated by a pure monopoly.
Price Discrimination: This occurs when a monopolistic firm charges different prices to different customers based on their willingness to pay.
Natural Monopoly: A natural monopoly exists when it is more efficient for one firm to provide goods or services due to economies of scale.
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