In a Monopoly in the Long Run

question 81

Multiple Choice

In a monopoly in the long run:

• A)economic profits will be eliminated by the entry of rival firms.
• B)economic profits will be reduced but not eliminated by the entry of rival firms.
• C)entry by other firms will not occur.
• D)the price will be the same as if the market were perfectly competitive.

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Definitions:

Promotional Ads

Advertisements designed to inform or persuade a target audience about products, services, or events.

Waiver

A voluntary relinquishment or surrender of some known right or privilege.

Release

A promise not to sue or press a claim, or a discharge of a person from any further responsibility to act.

Neurological Disease

A condition affecting the nervous system, including the brain, spinal cord, and nerves.