Compared to perfectly competitive markets,monopoly produces
A)higher output and lower price.
B)lower output and higher price.
C)lower output and lower price.
D)higher output and higher price.

Question

Quizplus · Accepted Answer

In a monopoly market, there is only one seller controlling the market, giving them the power to set higher prices to maximize their profits. As a result, the monopoly will produce lower output and charge higher prices compared to perfect competition.

Compared to Perfectly Competitive Markets,monopoly Produces