Question

assume that an industry that was perfectly competitive suddenly becomes monopolized. which of the following best completes the statement? a monopoly will the competitive firms, taken collectively.

Answer 1

Assume that an industry that was perfectly competitive suddenly becomes monopolized- monopoly will the competitive firms, taken collectively. sell less output than

• Monopolies limit the competition in the market. When there is a natural monopoly, the market is completely dominated by one manufacturer. In a government monopoly, a producer has complete control over the market and is able to forbid private manufacture. In a technical monopoly, market control belongs to the producer who possesses a patent on the process of manufacturing a certain item. A natural monopoly is one that emerges as a result of the substantial economies of scale or high starting costs related to conducting business in a certain industry.

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