Which of the following is the primary determinant for ensuring long-run economic profit for a monopoly? A. Differentiated product B. Significant barriers to entry C. Ability to be a "price-maker" D. Efficiency of the operations

Which of the following is the primary determinant for ensuring long-run economic profit for a monopoly? A. Differentiated product B. Significant barriers to entry C. Ability to be a "price-maker" D. Efficiency of the operations

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter23: Profit Maximization

Section: Chapter Questions

Problem 13E

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Question

Which of the following is the primary determinant for ensuring long-run economic profit for a monopoly?

A. Differentiated product

B. Significant barriers to entry

C. Ability to be a "price-maker"

D. Efficiency of the operations

Definition Definition Market structure in which a single company dominates the entire industry. In a monopoly market, there are no close substitutes for the goods and services offered by the monopoly.

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