00:01
All right, here we are asked a monopolistic firm.
00:04
So a monopolistic firm is one that has complete control over monopolistic.
00:11
It has complete control over a product in the market.
00:15
All right, so it does have entry barriers.
00:21
So if we look at a, that's incorrect because it does have entry barriers.
00:27
Okay, so we can say that a is, i'm going to mark it off in red, not correct because it does have entry barriers.
00:37
Now let's look at b.
00:38
Breaks even in the long run.
00:41
That is incorrect because it's generally exceedingly profitable over the long run, over the long run.
00:49
Right? that's the benefit of having a monopoly is that you're exceedingly profitable over the long run.
00:56
Now let's look at number c...