What is a monopolist, and what is required for a monopolist to earn profits in the long run?
What will be an ideal response?
A monopolist is a single supplier of a good or service for which there is no close substitute. For the firm to receive economic profits in the long run, there must be some type of barrier to entry that keeps entrants in search of profits out of the industry.
Economics
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Among the groundbreaking contributions to economics made by John Maynard Keynes is
A) the insight that recessions can result from a lack of aggregate demand. B) the development of the spending multiplier. C) the theory of sticky wages and prices. D) all of the above
Economics
The power of the U.S. government to seize private property or exercise the right of eminent domain was an English innovation
Indicate whether the statement is true or false
Economics