A single-price monopoly will always charge a price that is on the elastic range of the demand for the monopoly's output." Explain why the previous statement is correct or incorrect.
7) Why will a profit-maximizing, single-price monopoly NEVER produce the amount of output that maximizes its total revenue?
8) Can a monopoly make an economic profit in the long run? Explain your answer.
9) What kind of profit can a monopoly make in the short run? In the long run? Explain your answers.
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