Long-Run Economic Profits Would Most Likely Exist in Which Market

question 200

Multiple Choice

Long-run economic profits would most likely exist in which market structure?

• A)monopoly, monopolistic competition, and oligopoly
• B)monopoly and oligopoly
• C)monopoly and monopolistic competition
• D)monopoly only

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Definitions:

Private Good

A good that is both excludable and rivalrous, meaning it can only be used by one person at a time, and access to it can be restricted.

Excludable

A characteristic of a good or service that allows owners or producers to prevent others from using it without permission or payment.

Rival

An entity competing against another in the same market, striving for a greater share of assets, customers, or recognition.

Nonexcludable

A property of a good where it is not possible to prevent individuals from consuming the good, regardless of whether they have paid for it.