Monopolists are criticised because they are inefficient.What is meant by this statement?

Question

Quizplus · Accepted Answer

Monopolists are inefficient because they don't produce at the minimum of average total cost (ATC). This means that they are not producing at the most cost-effective level, resulting in higher costs and potentially higher prices for consumers. This inefficiency can also lead to a misallocation of resources, as the monopolist may be using more resources than necessary to produce their goods or services.

Monopolists Are Criticised Because They Are Inefficient