Relative to a competitively organized industry, a monopoly is more likely to produce Select one: a. Less output, charges higher price, and earns economic profits. b. Less output, charges lower prices, and earns only a normal profit. c. More output, charges higher prices, and earns economic profits. d. Less output, charges lower prices, and earns economic profits

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A:

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Monopoly Market

When a company and its products dominate a sector or an industry, it is termed a monopoly. When a firm and its products control a market, then it is called a monopoly.