To Maintain Profits in the Long Run,a Monopoly Must Be

question 313

True/False

To maintain profits in the long run,a monopoly must be protected by barriers to the entry of other firms into the industry.

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Definitions:

Aggregate Demand Curve

A graphical representation of the relationship between the total demand for goods and services in an economy at different price levels.

Long-Run Aggregate Supply

The total quantity of goods and services an economy can produce when resources are fully employed, assuming constant technology and factors of production.

Labor Force

The total number of people employed and unemployed, seeking employment in an economy.

Technology

The application of scientific knowledge for practical purposes, especially in industry, involving the development and use of technical means and their interrelation with life, society, and the environment.