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Q1. Illustrate a monopoly firm earning an economic profit. Indicate price and output quantity. Label the Demand Curve, Marginal Revenue Curve and Cost curve. Can

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Q1. Illustrate a monopoly firm earning an economic profit. Indicate price and output quantity. Label the Demand Curve, Marginal Revenue Curve and Cost curve. Can a monopoly firm make economic profit in the long run? Briefly explain why a firm can or cannot make economic profit in the long run. Value 8 points

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