Which of the following would be the most likely outcome if all perfectly competitive firms in a product market join together to form a monopoly?

Question

Quizplus · Accepted Answer

When perfectly competitive firms in a product market join together to form a monopoly, the most likely outcome is a decrease in the rate of output and the quantity of labor input employed. This is because a monopoly has less incentive to produce at the same level as a competitive market due to the lack of competition, and it can also achieve the same revenue with less production and labor.

Which of the Following Would Be the Most Likely Outcome