Other things being equal, which market structure would produce the least output and the highest average product price?

Question

Quizplus · Accepted Answer

In a monopoly, there is only one producer in the market, creating a barrier to entry for others. Therefore, the producer has complete control over the supply and price of the product. This allows them to restrict output and set a higher price, resulting in the least output and highest average product price compared to other market structures.

Other Things Being Equal, Which Market Structure Would Produce the Least