Question

charges a price above marginal cost of production has zero economic profit in the long run does not produce at minimum average total cost in the long run makes unique goods without close substitutes has high barriers to entry/exit Low barriers to entry lead to market entry when profits exist. Categories Both Monopolies and MCs Only Monopolistic Comp. Only Monopolies Drag and drop here Drag and drop here Drag and drop here

          charges a price
above marginal
cost of
production
has zero
economic profit
in the long run
does not produce
at minimum
average total cost
in the long run
makes unique
goods without
close substitutes
has high barriers
to entry/exit
Low barriers to
entry lead to
market entry
when profits
exist.
Categories
Both Monopolies and MCs
Only Monopolistic Comp.
Only Monopolies
Drag and drop here
Drag and drop here
Drag and drop here

charges a price
above marginal
cost of
production
has zero
economic profit
in the long run
does not produce
at minimum
average total cost
in the long run
makes unique
goods without
close substitutes
has high barriers
to entry/exit
Low barriers to
entry lead to
market entry
when profits
exist.
Categories
Both Monopolies and MCs
Only Monopolistic Comp.
Only Monopolies
Drag and drop here
Drag and drop here
Drag and drop here

Added by Dennis R.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Crystal Wang

06/20/2023

Step 1

Step 1: Monopolies and monopolistically competitive firms both charge a price above marginal cost. Show more…

Show all steps

Thanks for your feedback!

charges a price above marginal cost of production has zero economic profit in the long run does not produce at minimum average total cost in the long run makes unique goods without close substitutes has high barriers to entry/exit Low barriers to entry lead to market entry when profits exist. Categories Both Monopolies and MCs Only Monopolistic Comp. Only Monopolies Drag and drop here Drag and drop here Drag and drop here