Question
Asked Nov 27, 2019
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In terms of which of the following is the monopoly greater than the competitive market?
a) Prevalence
b) The number of firms
c)Market quantity
d) Market power of a firm
e) c and d
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Expert Answer

Step 1

The monopoly is a market structure which is characterized by the presence of a single seller selling the product. Since there are no competitors present in the market, the single seller will have the complete market control and the power to determine the price and output. The competitive market is a form of market where there are competitive firms present in the economy. When there are firms to compete, there will be less inefficiency in the market.

Step 2

When there is competition, the inefficient firm needs to eliminate the inefficiency to decrease their price and increase the output in order to compete with the other firms. This means that the output as well as efficiency will be higher in ...

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