Describe the difference in economic profit between a competitive firm 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 firmscan or cannotearn positive economic profits.

In the long run,competitive firms but not monopolistic, mono but not competitive, neither, or bothcan earn a positive economic profit.

True or False: The adjustment to long-run equilibrium takes the same amount of time for monopolies and competitive industries.

true or false