Relative to a competitive industry, a monopolist:

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A monopolist has market power and is the sole supplier of a certain product, so it can charge a higher price and produce less output than a perfectly competitive industry. This is because there are no close substitutes available to consumers, so they have no choice but to pay the monopolist's price. A monopolist may also be able to increase profits by producing less output than a perfectly competitive industry, as long as it can charge a high enough price to compensate for the lower quantity sold.

Relative to a Competitive Industry, a Monopolist