Q. A monopolized market is in long-run equilibrium when (Solved)
1. zero economic profit is earned by the monopolist
2. production takes place where price is equal to long-run marginal cost and long-run average cost
3. production takes place where long-run marginal cost is equal to marginal revenue and price is not below long-run average cost
4. All of the above are correct
- c. production takes place where long-run marginal cost is equal to marginal revenue and price is not below long-run average cost