A market characterized as a monopoly:

Name: A market characterized as a monopoly:
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Question

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In a market characterized as a monopoly, there is a single seller, and the seller has the power to set the price. Since there is no competition in the market, the seller can charge a higher price, and the output will be lower. This is because the monopolist can earn higher profits by selling a lower quantity of goods at a higher price. Thus, the answer is B - output tends to be lower and prices tend to be higher.

A Market Characterized as a Monopoly