Monopoly challenge

A ______ occurs when a firm controls the entire output of the industry or has a dominant position in terms of its market shares.

A monopolist firm is considered a ______ maker.

There are huge barriers to ______ in a monopoly market.

A profit-maximizing monopolistic firm produces where ______ equals marginal revenue.

If average revenue is greater than average cost, a monopolist can make ______ profits.

The price in a monopoly is ______ than it is in perfect competition.

The monopoly output is ______ than in perfect competition.

The monopolist captures consumer surplus and turns it into ______ profit.

Natural Monopoly is a market situation where the monopolistic firm has a great cost advantage due to high ______ costs or startup costs of operating a business in a specific industry.

Natural monopolies have significant long-run economies of ______.