If a perfectly competitive industry is taken over by a monopolist,
A)output will always rise
B)output will always fall
C)market price will probably not change
D)marginal cost will approach average variable cost in the long run
E)market price could fall if there are large gains from technological changes under monopoly

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The Answer of If a perfectly competitive industry is taken over by a monopolist,
A)output will always rise
B)output will always fall
C)market price will probably not change
D)marginal cost will approach average variable cost in the long run
E)market price could fall if there are large gains from technological changes under monopoly

If a Perfectly Competitive Industry Is Taken Over by a Monopolist