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प्रश्न
What is the implication of ‘restricted entry of new firms’ in a monopoly market?
What is the implication of restricted entry of new firms in a monopoly?
लघु उत्तरीय
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उत्तर
- When new firms are not permitted to enter the market, there is no competition.
- The existing single seller has full control over prices and may charge higher prices from consumers.
- This situation can also lead to limited choices and lower-quality products for buyers.
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