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Discuss the economic effects of

Discuss the economic effects of monopoly. Be sure to include the following:

1. Monopoly price compared to the price of a competitive firm

2. Efficiency of resource allocation

3. Monopoly and its impact on large-scale production and unit cost of production

Explain the significance of resource pricing in terms of the following:

1. Money-income determination

2. Cost minimization

3. Resource allocation

4. Policy issues

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