Question

In a pure monopoly, how is the short run and long run different from the situation in a purely competitive market?

Answer 1

Well, a purely competitive market will always have 0 economic profit in the long-run, (they only earn normal profit).
But a monopoly will earn positive economic profit (as well as normal profit) because they have less competition, (cause monopolies have high barriers to entry).

You should know where a firm produces on a graph for both a purely competitive and purely monopolistic market right? For a purely competitive market, they produce where MC=MR. But in a monopolistic market, they produce at Quantity MC=MR, then go up to the Demand line for price.

Answer 2

Oh and you should check out ACDC Econ, I learned most of my economics from there