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Assume a hypothetical case where an industry begins as perfectly competitive and then becomes a monopoly. Which of the following statements comparing the conditions in the industry under both market structures is true?

1) A monopoly will produce more and charge a higher price than would a perfectly competitive industry producing the same good.

2) A monopoly will produce more and advertise more than would a perfectly competitive industry producing the same good.

3) A monopoly will produce less and charge a higher price than would a perfectly competitive industry producing the same good.

4) A monopoly will produce less and charge a lower price than would a perfectly competitive industry producing the same good.

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Microeconomics, Economics

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