A monopoly firm is different from a competitive firm in that:

Question 9 options:

	a monopolist owns both Park Place and Boardwalk
	there are many substitutes for the monopolist's product, whereas there are no close substitutes for the competitive
	the monopolist's demand curve is perfectly inelastic, whereas the competitive firm's demand curve is perfectly elastic.
	the monopolist may earn positive economic profits in the long run, whereas the competitive firm never earns positive economic profits in the long run.