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Sagot :
It is TRUE that, For the monopoly, economic profits cannot persist in the long run, because the entry of new firms is inhibited.
A market structure that is characterized by a single seller offering a distinct product. In a monopoly market, there is no competition for the seller because there is no other close substitute for the goods he is selling.
In a market with a monopoly, an entity becomes the sole seller of goods due to elements like a government license, resource ownership, copyright, and patent protection, as well as high starting costs. All of these factors prevent other sellers from entering the market. Monopolies also have access to information that is not shared by competing sellers.
Due to the characteristics of a monopoly market, the sole seller controls the market and sets the prices. He takes pleasure in having control over the price of his goods.
Learn more about Monopolies, here
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