8. Which statement is true about economic profit in the long run? (LO2, 3) a) Both the monopolist and the perfect competitor make one. b) Neither the monopolist nor the perfect competitor makes one. c) Only the perfect competitor makes one. Only the monopolist makes one. 9. Which statement is true? (LO3) a) The monopolist cannot lose money. b) The monopolist always operates a large firm. c) The monopolist will not lose money in the short run. d) The monopolist will not lose money in the long run. 10. Price is always read off the curve. (LO1, 2) a) MC C) ATC b) MR d demand