ngemanomvula3 ngemanomvula3

19-05-2024
Business

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Differences between an economic profit made by a monopoly and a perfectly competitive market

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Nangothando Nangothando

19-05-2024

In a perfectly competitive market, price equals marginal cost and firms earn an economic profit of zero. In a monopoly, the price is set above marginal cost and the firm earns a positive economic profit. Perfect competition produces an equilibrium in which the price and quantity of a good is economically efficient.1

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