Difference between simple monopoly and discriminating monopoly
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Monopoly. ... In economics, amonopoly is a single producer of a product or service. In law, a monopolyis a firm that has a lot of market power and is able to charge very high prices for a product or service.
A discriminating monopoly is a single entity that charges different prices, which are not associated with the cost to provide the product or service, for its products or services for different consumers. ... By catering to each type of customer the monopoly makes more profit.
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