How do firms compete with each other in the industry, both in terms of price and non-price competition? Are some firms in the industry able to earn economic profits in the long run? Why or why not?

Natural Monopolies

3-paragraphs explanation of your selected industry’s market structure, including support for your assertion. In your explanation, also address the following:

How do firms compete with each other in the industry, both in terms of price and non-price competition? Are some firms in the industry able to earn economic profits in the long run? Why or why not?