rather be far better than everyone else, or locked in competition with many athletes just as good as you?

Similarly, if you would like to attain a very high level of profits, would you rather manage a business with little

or no competition, or struggle against many tough competitors who are trying to sell to your customers? By

now, you might have read the chapter on Perfect Competition. In this chapter, we explore the opposite extreme:

monopoly.

If perfect competition is a market where firms have no market power and they simply respond to the market

price, monopoly is a market with no competition at all, and firms have a great deal of market power. In the case

of monopoly, one firm produces all of the output in a market. Since a monopoly faces no significant

competition, it can charge any price it wishes, subject to the demand curve. While a monopoly, by definition,
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