According to economists, although a monopoly's price will be higher than a perfectly competitive firm's price when both produce the same good, the monopoly produces the good more efficiently.

Question

Quizplus · Accepted Answer

A monopoly does not necessarily produce goods more efficiently than a perfectly competitive firm. In fact, monopolies may have less incentive to minimize costs or innovate due to the lack of competition.

According to Economists, Although a Monopoly's Price Will Be Higher