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there are many differences between a market served by a monopoly and a market that is perfectly competitive. indicate whether each item is associated with a single-price monopoly, perfect competition, or is true of both market structures. a. the price is higher than in other market structures. b. an efficient quantity is produced. c. firms can earn positive economic profit in the long run. d. there are significant barriers to entry. e. firms have no market power. f. firms maximize profits by operating where marginal revenue equals marginal cost.

Respuesta :

Price is higher than in other market structures -- a single-price monopoly

An efficient quantity produced -- perfect competition

There are significant barriers to entry -- a single-price monopoly

Companies lack market strength. -- perfect competition

Firms can earn positive economic profit in the long run -- a single-price monopoly

A monopoly must worry about whether customers would buy its products or spend their money on something entirely else, but it need not be concerned about what other businesses are doing. As a result, unlike a perfectly competitive corporation, a monopoly does not take prices. Market share has no influence on prices, businesses can enter or exit the market without affecting prices, and perfect competition obtains when all businesses sell the same items, according to economic theory.

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