I would like to find out whether the following statements are true:
The equilibrium of the firm and the equilibrium of the industry are the same in the short run as well as the long run.
In the short run, the firm is in equilibrium when MC=MR=P
When the industry is in equilibrium, the firm will make normal profit only.
A monopolist can set its quantities sold and the price of the product independent of each other
This question was asked on Apr 12, 2010.
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