5756024
Description
Flashcards by Tulsi Patel, updated more than 1 year ago
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Created by Tulsi Patel
almost 8 years ago
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| Question | Answer |
| Normal Profit? | is the minimum level of profit necessary to keep existing firms in production |
| Super-normal profit | is above normal profit level and is any extra profit |
| perfect comp in the short run accept | market ruling price set by the fm |
| perfect com in the long run is | different because super-normal profits attract new entrants since there are no barriers to entry |
| monopolistic behavior | they can make super-nomal profits in the long and short run due to barriers to entry |
| causes of a monopoly | low substitutes high product differentiation patent laws geographical location economies of scale advertising brand loyalty |
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