Because Monopolists Are Protected by High Barriers to Entry, They

question 58

Multiple Choice

Because monopolists are protected by high barriers to entry, they:

• A) may be able to earn long-run economic profits.
• B) will not minimize the per-unit cost of producing their output.
• C) will price their product at the highest possible price.
• D) seek economic profit; however, they are not able to earn it in the long run.

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Definitions:

Farther

A comparative adverb used to describe physical distance that is greater than another.

There

A word indicating location or existence, used to point out a particular place or introduce subjects.

Budget

An estimate of income and expenditure for a set period of time.

Willingly Accept

To receive or agree to something with readiness and without objection.