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Sandswept isles
The monopolist can make supernormal profits in both the short run and long run thanks to barriers to entry. c) Yes, that's correct. The monopolist faces the market demand curve. c) No, that's not right. The monopolist faces the market demand curve. d) Yes, that's correct. Though a monopolist CAN make supernormal profits, these are not guaranteed. Therefore, total output in a perfectly competitive market will be 5 units. In a monopolistic market, however, marginal revenue and marginal cost intersect at 3 units of output. The monopolist sells its output at $7 per unit—the price on the market demand curve that corresponds to 3 units of output.