Monopolies will tend to overproduce goods and charge a higher price than the competitive price.

Name: Monopolies will tend to overproduce goods and charge a higher price than the competitive price.
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Question

Quizplus · Accepted Answer

Monopolies have the ability to control the supply and price of their goods, so they often limit production to keep prices high. This is the opposite of overproducing. They may also charge higher prices than would exist in a competitive market, but this is not always the case.

Monopolies Will Tend to Overproduce Goods and Charge a Higher