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Define monopoly according to K.E. Boulding. |
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Answer» According to K.E. Boulding, ” A pure monopolist is a firm producing product which has no effective substitutes among the products of other firms, effective in the sense that even though the monopolist may be making abnormal profits, other firms cannot encroach on these profits by producing substitute commodities which might attract purchasers away from the product of the monopolist.” |
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