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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

If a monopoly firm is earning profits, how much would you expect these profits to be diminished by entry in the long run?

To determine

The extent to which a profit-making monopoly firm can expect its profits to be diminished by entry in the long run.

Explanation

The profits to be expected are very little, in rare cases. The barriers to entry pull out enough competition and a monopoly will keep making similar amount of profits every year...

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