Title

(4) The Long Run Equilibrium Situation in Monopoly

Topic Category

Monopoly

Publication Date

2011

Keywords

Monopoly, Long Run, Economic Profits, Allocative Inefficiency

Abstract

This describes the Long Run Equilibrium for Monopoly. It explains why the adjustment process described for Perfect Competition does not apply, and so that outcome is not obtained.

Run Time

1:56

Primary Discipline

Microeconomics

Skills Delivered

Ability to explain why the competitive adjustment process does not occur in Monopoly. Ability to explain why the Long Run Equilibrium is different from that of Perfect Competition

Rigor Level

2000

Prerequisites

Previous Monopoly and Perfect Competition Videos

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