The above figure shows a market.
-If the market was a monopoly,the quantity would be ________ and the price would be ________; if the market tis perfectly competitive,the quantity would be ________ and the price would be ________.

Question

Quizplus · Accepted Answer

In a monopoly, the quantity supplied (Q1) is lower and the price (P2) is higher compared to a perfectly competitive market, where the quantity supplied (Q2) is higher and the price (P1) is lower.

The Above Figure Shows a Market