The above figure shows a market.
-If the market was a monopoly,the quantity would be ________ and the price would be ________;if the market tis perfectly competitive,the quantity would be ________ and the price would be ________.

Question

Quizplus · Accepted Answer

In a monopoly, the quantity is lower (Q1) and the price is higher (P2) compared to a perfectly competitive market, where the quantity is higher (Q2) and the price is lower (P1).

The Above Figure Shows a Market