Can a monoplistic firm earn abnormal profits in the long run?

Yes, a monopolistic firm can earn abnormal profits in the long run due to its market power, which allows it to set prices above marginal costs. Unlike firms in competitive markets, a monopolist faces little to no competition, enabling it to maintain higher prices and restrict output. Barriers to entry, such as high startup costs or regulatory restrictions, protect the monopolist from new competitors entering the market, further sustaining its ability to earn abnormal profits over time. However, consumer demand and potential regulatory interventions can still impact these profits.