Question

describe the difference in economic profit between a competitive firm and a monopolist in both the short and long run. which should take longer to reach the long-run equilibrium? in the short run, both monopolists and competitive firmscan earn positive economic profits. in the long run,monopolists, but not competitive firms can earn a positive economic profit. true or false: the adjustment to long-run equilibrium takes the same amount of time for monopolies and competitive industries. true

Answer 1

A company in monopolistic opposition produces an allocatively green output degree even as a company in best opposition produces a productively green output degree.

The long-run equilibrium answer in monopolistic opposition usually produces 0 monetary income at a factor to the left of the minimal of the common overall value curve. The life of excessive limitations to access prevents corporations from coming into the marketplace even withinside the long run.  

Therefore, it's far viable for the monopolist to keep away from opposition and hold making tremendous monetary income withinside the long run. One feature of a monopolist is that it's far a income maximizer. Since there's no opposition in a monopolistic marketplace, a monopolist can manage the charge and the amount demanded. The degree of output that maximizes a monopoly's income is calculated through equating its marginal value to its marginal revenue.

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