If a perfectly competitive industry were taken over by a monopoly, the monopoly would usually produce more output and charge a higher price.

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21-07-2022
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If a perfectly competitive industry were taken over by a monopoly, the monopoly would usually produce more output and charge a higher price.

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tutorconsortium341 tutorconsortium341 · Answer 1 · 2022-08-02T18:34:35+02:00

If a perfectly competitive industry were taken over by a monopoly, the monopoly would usually produce more output and charge a higher price. This statement is false.

What is Monopoly?

A monopoly is a market arrangement where one producer or seller holds a disproportionate amount of power within a certain market. Monopolies are forbidden in free-market economies as they limit customer alternatives and impede competition.
Antitrust laws are in existence in the US to prevent monopolies, guaranteeing that one company cannot dominate a market and take advantage of its dominance to take advantage of its customers.
A single vendor in a market or industry with substantial entry barriers, such as high beginning costs, and no competitors is considered to have a pure monopoly.

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