If a perfectly competitive industry was suddenly monopolized without any change in cost conditions,

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In a perfectly competitive market, firms produce at the point where price equals marginal cost (P=MC). However, a monopolist produces at the point where marginal revenue equals marginal cost (MR=MC), which results in a lower output level and a higher price than in a perfectly competitive market. Thus, if a perfectly competitive industry is monopolized, the monopolist will decrease output and increase price, leading to a decrease in quantity produced and an increase in price.

If a Perfectly Competitive Industry Was Suddenly Monopolized Without Any