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6 Oct 2020
Which of the following statements best describes the price, output, and profit conditions for a monopoly?
a. Price will equal marginal cost at the profit-maximizing level of output, and profits will be positive in the long-run.
b. Price will always equal average variable cost in the short-run, and either profits or losses may result in the long-run.
c. In the long-run, positive economic profit will be earned.
d. All of the above answers are correct.
Which of the following statements best describes the price, output, and profit conditions for a monopoly?
a. Price will equal marginal cost at the profit-maximizing level of output, and profits will be positive in the long-run.
b. Price will always equal average variable cost in the short-run, and either profits or losses may result in the long-run.
c. In the long-run, positive economic profit will be earned.
d. All of the above answers are correct.
Alice SejakeLv10
12 Nov 2020
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