Question

The firms earn super normal profit as long as the price is greater than the
minimum of ​

Answer 1

Explanation:

Supernormal profit is a situation where the seller can earn profits above the normal profits. Hence, a monopoly firm can earn the supernormal profit in the long run as well as a short run because the seller has control over the prices to be fixed of the product and the entry of new firms is also restricted..

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