A monopoly always produces less than a competitive industry with identical costs.

Name: A monopoly always produces less than a competitive industry with identical costs.
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In a monopoly, the firm has the power to set prices and restrict output in order to maximize profits. This means that they will produce less than a competitive industry where firms do not have this power and must produce at a level that maximizes profits at the market price.

A Monopoly Always Produces Less Than a Competitive Industry with Identical