Use a Diagram to Explain and Illustrate the Profit- Maximising

question 43

Essay

Use a diagram to explain and illustrate the profit- maximising price and output for firms in monopoly. Why are monopoly firms able to earn supernormal profit in the long run?

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Definitions:

Milk Before Bedtime

A common dietary habit or recommendation which may promote a feeling of comfort and potentially aid in improving sleep quality, though effects can vary from person to person.

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In psychoanalysis, the underlying, unconscious meaning or symbolism of a dream, as opposed to its manifest content (the literal storyline).

Freud

Sigmund Freud was an Austrian neurologist and the founder of psychoanalysis, a clinical method for treating psychopathology through dialogue between a patient and a psychoanalyst.

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A collection of ideas, visuals, and feelings that happen in an individual's mind while they are sleeping.