These types of monopolies are often short-lived. It is challenging to maintain a technological advantage in the long-run since your competitors will have time to invest in improving their technology. For example
will make economic profit no matter what the demand for the item. B. can earn an economic profit in the short run, but will earn zero economic profit in the long run. C. will maximize profit by adju Explain Monopolist's rule for profit maximization. What are economic profits ...
What are the profit-maximizing conditions under monopolistic competition and monopoly both in the short-run? Explain why monopoly leads to a lower output and higher price than perfect competition? A monopoly firm is currently earning a positive economic profit, and the owner ...
Because the marginal revenue curve for a monopolist lies below its demand curve, the profit maximizing price of the monopolist will be above marginal cost. True or false true. In the short run, firms earning a profit will want to ___ their profits while firms suffering losses will want ...
will make economic profit no matter what the demand for the item. B. can earn an economic profit in the short run, but will earn zero economic profit in the long run. C. will maximize profit by adju As compared to monopoly, a perfectly comp...
What distinguishes pure competition in the long run from pure competition in the short run? Describe an example of a real-world industry or market that would be considered by economists to be a natural monopoly. a) What characteristics of the industry make it a monopoly? b) What is the ...
Explain why a perfectly competitive firm earns profit in the short run but not in the long run compared to a monopoly that earns profit both in the short and long run. Is the monopoly price always higher than the perfect competition market price?
Assume a profit-maximizing firm's short-run cost is TC = 1200 + 7Q^2. If it's demand curve is P = 60 - Q, what is the profit-maximizing quantity? a. 15 b. 14 c. 4 d. 1200 What is the relationship between margi...
A firm's total cost curve would begin at 0 in the long run; whereas the curve would start at a point above 0 where the firm's total fixed cost is in the short run. True or False? True or false? In a competit...
Answer and Explanation: The correct answer isd. P < MC. A natural economy needs to achieve allocative efficiency where price (p) or average revenue (AR) equal marginal...