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As a result of advances in technology,cellular telephones have become cheaper to produce.Illustrate the effect of this change on the market for cellular telephones.
Pure Monopolist
A single seller in a market who has complete control over the supply of a product and its price, with no close substitutes available.
Profit-Maximizing
A business approach focusing on activities that lead to the highest possible profit, involving analyzing costs and revenues to find the most profitable production level.
Nondiscriminating Monopolist
A monopolist who charges all consumers the same price for its product, rather than altering the price based on consumer demand or attributes.
Pure Monopolist
A type of market where there is only one seller providing a unique product or service, with no close substitutes.
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