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After reading this chapter, you should be able to:

1. List the characteristics of pure monopoly.
2. Explain how a pure monopoly sets its profit-maximizing output and price.
3. Discuss the economic effects of monopoly.
4. Describe why a monopolist might prefer to charge different prices in different markets.
5. Distinguish between the monopoly price, the socially optimal price, and the fair-return price of a government-regulated monopoly.