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Explain how a monopoly makes supernormal pro?ts.
Fixed Cost
Expenses that do not change with the level of output or sales in the short term, such as rent or salaries.
Manufacturing Overhead
Every supplementary cost related to the manufacturing process, apart from direct materials and labor expenses.
Manufacturing Overhead
All indirect costs associated with manufacturing, such as maintenance, utilities, and management salaries, not directly tied to the production of goods.
Prime Cost
The combined direct costs of raw materials and labor that are directly attributable to the production of a product.
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