As compared to an otherwise identical perfectly competitive industry, in a monopoly, price will be ________,...

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As compared to an otherwise identical perfectly competitive industry, in a monopoly, price will be ________,...

As compared to an otherwise identical perfectly competitive industry, in a monopoly, price will be ________, and output will be ________.

lower; lower

It depends on the particular industry.

higher; higher

lower; higher

higher; lower

business accounting

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Answer 1

Answer #1

Correct Option---- Higher; lower

Answer ---As compared to an otherwise identical perfectly competitive industry, in a monopoly, price will be HIGHER, and output will be LOWER.

In a monopoly the seller is the price maker who modulates price and supply of products.

Sometimes Monopolists reduce their supply to het higher prices since there will be very low risk of losing such a high demand and super profits.

A monopolist’s organization is same as the industry, so the demand curve of monopolist is same as of industry. As relates to supply a monopolist can sell more if he reduce the price and sell less if he increase the prices, but due to no close substitute when supply is in short the prices goes up.

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Answer 2

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