QUESTION 17 Consider a monopoly, where the demand curve is given by P= 25-Q, MR = 25-2Q, TC = Q, and MC = 1. Compared to the efficient solution, this monopolist outome Has a higher price and lower output than the perfectly competitive solution. Has a lower price and lower output than the perfectly competitive solution. O Has the same price but lower output than the perfectly competitive solution. Has a higher price but the same output than the perfectly competitive solution.

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