Posted: November 23rd, 2014

monopoly

Question

Explain, using diagrams, why it is possible for a monopoly to earn super-normal profit in the long run as well as in the short run, while it is not possible for perfectly competitive firms to earn such super-normal profit in the long run even if they earn super-normal profit in the short run.

Assessment criteria

You will be assessed on your ability to clearly explain the principles and assumptions of perfect competition and monopoly.

You will be assessed on your ability to accurately draw and explain diagrams.

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