Long-run economic profits are possible under
A) perfect competition and oligopoly.
B) monopolistic competition and monopoly.
C) oligopoly and monopoly.
D) monopolistic competition and oligopoly.

Question

Quizplus · Accepted Answer

In the long run, economic profits can be sustained in markets with high barriers to entry, such as oligopoly and monopoly, because these barriers protect firms from new competitors that could drive profits down to zero.

Long-Run Economic Profits Are Possible Under