In the long run, a competitive price searcher will earn zero economic profit because of low entry barriers, while a monopolist may earn positive economic profits in the long run.
An economy is the area of production, distribution, trade, and consumption of goods and services. Generally, it is defined as a social domain emphasizing practices, discourses, and material expressions related to the production, use, and management of scarce resources.
A standard definition of economics can be described as follows: Social science focused on the satisfaction of needs and desires through the allocation of scarce resources with alternative uses. Going further, we can say that economics is the study of scarcity and choice.
Learn more about economics here
https://brainly.com/question/1106682
#SPJ4
