One source of inefficiency associated with monopolies stems from their insulation from competition and thus reduced incentive to cut costs and innovate.

Name: One source of inefficiency associated with monopolies stems from their insulation from competition and thus reduced incentive to cut costs and innovate.
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Question

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Monopolies face less competition, which can lead to reduced incentives for cost-cutting and innovation, as they do not need to compete for market share.

One Source of Inefficiency Associated with Monopolies Stems from Their