Because monopoly firms do not have to compete with other firms, the outcome in a market with a monopoly is often
A)not in the best interest of society.
B)one that fails to maximize total economic well-being.
C)inefficient.
D)All of the above are correct.

Question

Quizplus · Accepted Answer

Monopoly firms can restrict output and charge higher prices than in a competitive market, leading to a reduction in consumer surplus and deadweight loss. As a result, the outcome in a market with a monopoly is often not in the best interest of society, fails to maximize total economic well-being, and is inefficient.

Because Monopoly Firms Do Not Have to Compete with Other