(Answered) 1 consider the behavior of a monopolist compared to that of

Economics

1. Consider the behavior of a monopolist compared to that of a competitive firm in an identical market. Which of the firms has a larger price? Economic profit? Market share? In which market are more things produced?

2. Why is a monopolists output smaller than the competitive output? Name one way that the government could ensure that a monopoly produced the efficient quantity.

3. What makes a monopolistically competitive firm different than a monopolist?

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