In the Long Run, the Main Reason That a Monopolist

question 33

Multiple Choice

In the long run, the main reason that a monopolist can earn positive economic profits while a perfectly competitive firm cannot is:

• A)monopolists enjoy greater economies of scale.
• B)there are no barriers to entry in a perfectly competitive market.
• C)the monopolist faces an inelastic demand for its product.
• D)perfectly competitive firms face greater opportunity costs.

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Definitions:

Qualitative Research

A research methodology that focuses on understanding concepts, thoughts, or experiences through analysis of textual, visual, or auditory data.

Meta-analysis

A statistical analysis that combines the results of multiple scientific studies to identify patterns, inconsistencies, or overall effects.

Katz

Refers to Robert L. Katz's theory that identifies three essential skills for effective management: technical, human, and conceptual skills.

Crystallized Cognitive Ability

The ability to use learned knowledge and experience efficiently, often increasing with age and experience.