The main reason a monopolist can earn long-run economic profit, whereas a perfectly competitive firm cannot, is that
a. monopolists operate under economies of scale
b. perfectly competitive firms have opportunity costs
c. demand for the monopolist's output is inelastic
d. demand for the monopolist's output is elastic
e. there are no barriers to entry in perfect competition
E
Economics
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The free-rider problem is
A) the use of private goods in one state by residents of another state. B) the incentive that people have to avoid paying for a public good. C) the incentive that people have once they are receiving welfare to keep getting welfare. D) that people cannot be forced to accept public goods.
Economics
Which of the following products would most likely be produced in a monopolistically competitive market?
A) corn B) oil C) electricity D) pizza
Economics