3. If a monopoly takes over 100% of a market previously operating under perfect * competition, the long run impact on price and output will be A price will be higher and output will be lower. Price will be lower & output will be higher. Price will be higher and output will be higher. It is not possible to predict without further information about the market.
3. If a monopoly takes over 100% of a market previously operating under perfect * competition, the long run impact on price and output will be A price will be higher and output will be lower. Price will be lower & output will be higher. Price will be higher and output will be higher. It is not possible to predict without further information about the market.
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter24: Price-searcher Markets With High Entry Barriers
Section: Chapter Questions
Problem 6CQ
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