Which of the following is a characteristic of a monopoly but not a characteristic of a competitive market?
A) A monopoly produces an efficient level of output.
B) A monopoly has no market power.
C) A monopoly may earn long-run economic profits.
D) A monopoly contains many firms.
E) A monopoly is a price-taker.

Question

19-12-2022
Business

Answered

Which of the following is a characteristic of a monopoly but not a characteristic of a competitive market?
A) A monopoly produces an efficient level of output.
B) A monopoly has no market power.
C) A monopoly may earn long-run economic profits.
D) A monopoly contains many firms.
E) A monopoly is a price-taker.

Answer :

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rafikiedu02 rafikiedu02 · Answer 1 · 2022-12-21T23:51:16-05:00

A monopoly produces an efficient level of output is a characteristic of a monopoly but not a characteristic of a competitive market.

A monopoly is defined as a single seller or manufacturer that excludes competitors from offering the same product. Monopolies can influence price changes and create barriers to market entry for competitors.

Monopoly produces where marginal revenue equals marginal cost. For a given demand curve, the supply curve is the combination of price and quantity at which marginal revenue equals marginal cost.

A monopoly is a situation where he is the only seller in the market. In traditional economic analysis, the monopoly case is viewed as the antithesis of perfect competition. By definition, the demand curve faced by a monopoly is the downward-sloping industry demand curve.

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