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Profit maximizing decision of a pure monopolist firm

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Please help explain profit maximizing decision of a pure monopolist firm and compare it to the profit maximizing decision of a firm within a purely competitive market and a monopolist firm in a competitive market.

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Solution Summary

Profit maximizing decisions are summarized.

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Monopoly and oligopoly

1. Why is it that firms can earn profits in the long run in monopoly and oligopoly but not in monopolistic competition and perfect competition?

2, What can firms do in monopolistic competition or perfect competition to make the short run last as long as possible since they can only make profits in the short run? Have you observed any firms employ such tactics? Can you give some examples?

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