Economics Paper 16

When ______ substitutes exist, a monopolist has ______ power to raise price.

If a firm has some degree of market power, then output price

Relative to a competitively organised industry, a monopoly

The cosmetics industry is not considered by economists to be a good example of perfect competition because

If firms can neither enter nor leave an industry, the relevant time period is the

In the long run

A normal rate of profit

If Wafa Enterprises is earning a rate of return greater than the return necessary for the business to continue operations, then

Economic profits are

The slope of the marginal revenue curve is