Other things being equal, which market structure would produce the least output and the highest average product price?
A) monopoly
B) oligopoly
C) monopolistic competition
D) perfect competition

Question

Quizplus · Accepted Answer

A monopoly is the market structure that would produce the least output and highest average product price because there is only one firm controlling the market, giving it the power to set high prices and limit output. In contrast, other market structures like perfect competition have many firms and low barriers to entry, leading to competition and lower prices.

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