Question
Which of the following statements is correct for the
monopolist?Solution
Due to significant barriers to entry, a monopolist is not threatened by new competitors. Therefore, it can sustain supernormal profits in the long run, unlike firms in perfect competition which earn only normal profits in the long run. It does not “always” earn profit (it could make losses if costs are too high), it does not necessarily charge the “highest possible price” (it charges the profit-maximizing price), and it is generally less production efficient than a perfectly competitive firm due to a lack of competition.
A body is said to be in equilibrium when:
Which polymer is used in the production of bullet-proof materials?
Which one among the following statements is not true for Mammals?
Which of the following is a chemical change?
Which vitamin is also known as Vitamin-B2?
If the root mean square speed of gas molecules is doubled, the absolute temperature of the gas:
Which vitamin helps in improving night vision?
Which vitamin is essential for RBC formation?
Which of the following statements for the given chemical reaction is true?
Fe₂ O₃ + 2Al → Al₂ O₃ + 2Fe
The force which opposes the relative motion between different layers of liquid or gases is called –
