单词 | monopoly profit |
释义 | monopoly profit An excess of profits over the normal rate which a firm is able to make by exploiting a monopoly position. If the market were open to competitive entry, such profits would be competed away, or the monopolist would be obliged to restrict them voluntarily by a limit pricing policy to deter entry. A monopoly position allows a firm to retain any excess profits. It does not, however, guarantee that there will be any abnormal profits: one of the simplest ways of becoming a monopolist is to make a mistaken investment in sunk costs which does not earn enough revenue to be profitable. Entry does not occur because other firms learn from the monopolist's mistakes and refrain from loss-making investment. |
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