Unformatted text preview: The distinction between the short-run and the long-run is not as important in the case of a monopolistic market structure. The existence of high barriers to entry prevents firms from entering the market even in the long-run. Therefore, it is possible for the monopolist to avoid competition and continue making positive economic profits in the long-run....
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- Fall '10
- Monopoly, economic profits, perfectly competitive market, longrun market behavior., entry prevents firms