Explain, using examples, the abuse of monopoly power as a market failure.

In the case of monopolies, abuse of power can lead to market failure. Market failure occurs when the price mechanism fails to take into account all of the costs and/or benefits of providing and consuming a good. A monopoly is an imperfect market that restricts output in an attempt to maximize profit.

a) they had recently endured the tyranny of the british king, parliament, and its royal

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