In one to two sentences, explain whether a monopolist uses resources efficiently.
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Resources are not used efficiently in a monopolist's world because the market is not in equilibrium. Natural monopolies can happen in markets in which production costs decrease a lot as output increases (economies of scale).
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Answer:
Resources are not used efficiently in a monopolist's world because the market is not in equilibrium. Natural monopolies can happen in markets in which production costs decrease a lot as output increases (economies of scale).
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