5. Individual Problems 9-5 Describe the difference in economic profit between a competitive rm and a monopolist in both the short and long run. Which should take longer to reach the long-run equilibrium? In the short run, both monopolists and competitive firms V earn positive economic profits. In the long run, Y can earn a positive economic profit. True or False: The adjustment to longrun equilibrium takes the same amount of time for monopolies and competitive industries. 0 True 0 False