Difference between a monopoly and a natural monopoly

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Reference no: EM131301110

1. What are the necessary conditions for a perfectly competitive market to exist?

2. Why do competitive firms earn zero economic profit in the long run?

3. Describe the two-step process used to identify the profit-maximizing level of output for a monopolist.

4. Describe the difference between a monopoly and a natural monopoly.

Reference no: EM131301110

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