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Steve Earley, who taught at Caistor Grammar School, discusses the respective merits of two forms of market structure.
* Given identical cost conditions a perfectly competitive industry leads to greater output and a lower price as compared with a monopoly.
* A monopolist that has opportunities to take advantage of economies of scale may however result in a market outcome that compares more favourably with the situation where cost conditions are identical.
PDF format: 3 A4 pages. First published in Economics Today magazine January 2004.
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