Question

How does the market price of a good in a monopoly market compare with the market price of the same good in a perfectly competitive market?

a. The price is higher.
b. The price is lower.
c. The prices cannot be compared.
d. The prices are the same.

Answer 1

The way the market price of a good in a monopoly markets compares with the market price of the same good in a perfectly competitive market is

A. the price is higher

I know econ can be difficult but that's why were all here to help :) good luck on your test guys!!