Monopolist Chance of Making a Long-Run Economic Profit
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Why does a monopolist have the best chance of making a long run economic profit?
What about the monopolistic cost structure make them candidates for a long-run economic profit?
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Solution Summary
The solution determines why a monopolist has the best chance of making a long run economic profit.
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Barriers to entry are designed to block potential entrants from entering a market profitably. They seek to protect the monopoly power of existing (incumbent) firms in an industry and therefore maintain supernormal (monopoly) profits. Barriers to entry have the effect of making a market ...
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