A firm in a market that consists of a small number of rival sellers protected by high barriers to entry whose decisions are often influenced by other firms in the market is called O A Monopoly O An Oligopoly O A Price Taker O A Competitive Price SearcherPrice Marginal Cost $20+ - - - 15+ - - - 10+ - - - - Demand O 100 150 200 Quantity Marginal Revenue Refer to Figure 11-16 11-16.png. If the average total cost for this monopolist in an industry protected by high barriers to entry is $15 at the profit maximizing level of output, then this monopolist will earn O A $500 economic loss $0 in economic profit O A $500 economic profit in the short-run, but a $0 economic profit in the long-run as firms enter into the industry and compete away the profits. O A $500 economic profit in the short-run, and it can continue to earn these economic profits in the long-run since it is protected by high barriers to entry