Concept
Version 7
Created by Boundless
Sources and Determinants of Profit
Long-Run Profit for Monopoly
In the long run, a monopoly, because of its market power, can set a price above the competitive equilibrium and earn economic profit. If price were set equal to the minimum point of the average total cost (ATC) curve, the monopoly would earn zero economic profit. If the price were set lower than the minimum of ATC, the firm would earn negative economic profit.
Source
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"Imperfect competition in the short run."
http://en.wikipedia.org/wiki/File:Imperfect_competition_in_the_short_run.svg
Wikipedia
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