A monopoly firm can make abnormal profits in the long run, but not a firm under monopolistic competition and perfect competition.

A monopoly firm can make abnormal profits in the long run, but not a f

1.	A monopoly firm can make abnormal profits in the long run, but not a firm under monopolistic competition and perfect competition.
Answer» Solution :A monopoly FIRM can make abnormal profits in the long run DUE to restrictions on ENTRY and exit. HOWEVER, a firm under perfect competition and monopolistic competition cannot make abnormal profits due to FREEDOM of entry and exit.