For a monopolist, if price is above average total cost, the monopolist is:
- Earning positive or economic profit
<h3>What is positive profit?</h3>
A positive profit is earned when the revenue being made surpasses what is normal on the competitive scale. The cost of production is covered and surpassed in this case.
So when the monopolist fixes his price above the total cost, he will earn a positive profit.
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The statement which states that "behavioral marketing and customer segmentation can help you rectify your mistakes and rebuild trust effectively" is TRUE.
<h3>What is Customer Segmentation?</h3>
Customer segmentation can be defined as the process of classifying customers with common characteristics into groups based on the shared characteristics in other for a company to be able to effectively market or meet the needs of each market segment effectively.
Customer segmentation and behavioral marketing enable the company to understand the needs of a market and thereby build trust.
Therefore, the statement which states that "behavioral marketing and customer segmentation can help you rectify your mistakes and rebuild trust effectively" is TRUE.
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