One likely result of monopoly power is
A)a wide variety of substitute products from which consumers can choose
B)an elimination of barriers to industry entry
C)a decline in government regulation
D)a higher price than would exist in a competitive industry
E)an improvement in allocative efficiency

Question

Quizplus · Accepted Answer

Monopoly power typically results in higher prices than would exist in a competitive industry because the monopolist has the ability to restrict output and charge higher prices.

One Likely Result of Monopoly Power Is