A monopolistic market will produce fewer goods than a competitive market would, but price would not ordinarily be affected.

Name: A monopolistic market will produce fewer goods than a competitive market would, but price would not ordinarily be affected.
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Question

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In a monopolistic market, the firm has market power and can influence the price of the goods. Therefore, they typically charge a higher price than a competitive market, where price is determined by the market forces of supply and demand.

A Monopolistic Market Will Produce Fewer Goods Than a Competitive