Comparing a pure monopoly and a purely competitive firm with identical costs, we would find in long-run equilibrium that the pure monopolist's price would be higher, but output would be lower.
A pure monopoly is a single seller in a market or sector with high barriers to entry such as significant startup costs whose product has no substitutes.
A pure monopoly has various characteristics, such as sole supplier, no substitute products, and no rival/competitors.
A pure monopoly can be caused by various barriers, like economies of scale, control of resources, and legal barriers.
Eg: Microsoft Corporation was the first company to hold a pure monopoly position on personal computer operating systems.
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