The difference between profit seeking under perfect competition and profit seeking under monopoly is that
A) under the former output will increase and price will decrease, whereas under the latter only output will increase.
B) under the former output will increase and price may increase, whereas under the latter output will increase and price will decrease.
C) under the former new firms will enter the industry, whereas under the latter the firm will simply raise its price and earn higher profits.
D) none of the above
Correct Answer:
Verified
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