In Perfect Competition, One Result of the Model Was That

question 122

Essay

In perfect competition, one result of the model was that there were no economic profits in the long run.In a monopoly, the firm typically earns a positive economic profit.Why is there this difference?

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Definitions:

Auricular

Pertaining to the ear or hearing; sometimes also referring to structures resembling an ear or earlobe.

Mentalis Muscles

A pair of muscles at the tip of the chin, responsible for protruding the lower lip, contributing to facial expressions like pouting.

Dimple

A small, natural indentation in the skin, often located on the cheek or chin, usually considered a trait of attractiveness.

Digastric Muscle

A small muscle located under the jaw, which acts to open the mouth and elevate the hyoid bone.