True. Monopolists can earn economic profits or losses in the long run. In the long run, perfect competitors earn a normal profit. The difference between the two is the profit.
An individual, group, or business that completely dominates the market for a specific commodity or service is known as a monopolist. A monopolist is likely to support legislation that strengthens monopolies since it provides them more authority. Due to the lack of competition, a monopolist has no motivation to develop their product. Instead, they are driven by a desire to preserve the monopoly.
An individual, group, or business that dominates and controls the market for a particular commodity or service is referred to as a monopolist.
Due to the absence of substitute products or services and competition, the monopolist has the ability to command high prices.
Even while being the only or dominating company in a sector is not always unlawful, it may result in government penalties.
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