Question

Shoe for All Company was a monopoly. But then competition was allowed to enter its market. As a result of this competition, the prices at Shoe for All Company were likely to:

rise
drop
remain the same

Answer 1

I believe that they would drop their prices.

Answer 2

The answer is: Drop

When a competition enter the market, consumers now had another option to choose beside the product from shoe for all company's. Eventually, the shoe for all company would feel pressured to drop the price of the product in order to make it more appealing for the consumers and maintain their position in the market