AP Microeconomics Quiz
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IMPERFECT COMPETITION
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Which of the following is the most significant reason that a monopoly can earn positive economic profits in the long run?
A
The firm's ability to set its price equal to its marginal revenue.
B
The presence of substantial barriers to entry that prevent competition.
C
A perfectly elastic demand for the firm's unique product.
D
The complete absence of fixed costs in its production process.
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