Zero economic profit in the long run

Reference no: EM13762459

1. Explain the difference between the demand curve facing a monopoly firm and the demand curve facing a perfectly competitive firm.

2. Which of the following is (are) most likely to be produced under conditions resembling perfect competition-Automobiles, beer, corn, diamonds, and eggs. Defend your answer in economic terms.

3. Name one monopoly firm you deal with. What is the source of its monopoly power? Do you think it seeks to maximize its profits?

4. This module focused on four types of firms:

a. perfectly competitive

b. monopoly

c. monopolistic competitive

d. oligopoly

Which of the above firms would most likely have a zero economic profit in the long run (can be more than one type)? Explain your answer fully.

Reference no: EM13762459

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