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Lack of competition and monopoly
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A monopoly is a marker structure where one supplier dominates the market.
Due to the lack of competition, the monopolist is able to restrict market supply.
This is shown in by the shift in supply from S1 to S2 , which reduces output from Q1 to Q2.
Alternatively, we can say that supply would be higher at S1 in the absence of monopoly power.
As the monopolist limits the supply of its good or service, the price is higher (at P2 rather than P1).
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