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A monopoly O can set the price it charges for its output and earn unlimited profits. O takes the market price as given and earns

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A monopoly O can set the price it charges for its output and earn unlimited profits. O takes the market price as given and earns small but positive profits. O can set the price it charges for its output but faces a downward-sloping demand curve so it cannot earn unlimited profits. O can set the price it charges for its output but faces a horizontal demand curve so it can earn unlimited profits

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