Respuesta :
Compared to the equilibrium price and quantity sold in a competitive market, a monopolist will charge a ________higher______ price and sell a _________smaller_____ quantity.
Compared to the equilibrium price and quantity sold in a competitive market, a monopolist will charge a higher price and sell a lower quantity.
A monopoly is when there is only one firm operating in an industry. A monopolist sets the price of his goods. Prices are usually set above equilibrium price. The demand curve for a monopolist is downward sloping. As prices increases, the quantity demanded declines.
A competitive market is when there are many buyers and sellers of identical goods. Prices and quantity sold is determined by the market forces of demand and supply. The goods sold in this market are identical.
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