What Is a Monopoly? Can a Firm Be a Monopoly

question 62

Essay

What is a monopoly? Can a firm be a monopoly if close substitutes for its product exists?

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Definitions:

Lateralization

The tendency for certain processes or functions to be more dominant in one hemisphere of the brain than in the other.

Hemispheres

The two halves of the brain or the Earth, divided by the equator (for the Earth) or the longitudinal fissure (for the brain), each responsible for different functions.

Cerebrum

The largest part of the human brain, responsible for voluntary muscular activity, vision, speech, taste, hearing, thought, and memory.

Myelination

Process of coating neural pathways with a fatty substance called myelin, which enables faster communication between cells.