Regulations that allow for a firm to enjoy monopoly profits for a period of time is considered to be a _ _ _. ( 1) copyright ( 2) patent ( 3) trade secret ( 4) trademark Show Transcribed Text Question 18 (2 points) Listen Which of the following accurately describes monopolies? O a) They have significant market power. O b) In the long run, they earn zero economic profits. O c) They typically face significant competition. (d) They typically produce at allocation efficiency. Show Transcribed Text Question 19 (2 points) Listen An accurate way to describe profit maximization for a monopoly would be ( a) price > marginal revenue = marginal cost O b) price > marginal revenue > marginal cost O c) price