A monopoly is an inefficient way to produce a product because Answer it can earn

Question

A monopoly is an inefficient way to produce a product because Answer it can earn both short-run and long-run profits. it faces a downward-sloping demand curve. the cost to the monopolist of producing one more unit exceeds the value of that unit to potential buyers. it produces a smaller level of output than would be produced in a competitive market. A monopoly is an inefficient way to produce a product because A monopoly is an inefficient way to produce a product because it can earn both short-run and long-run profits. it faces a downward-sloping demand curve. the cost to the monopolist of producing one more unit exceeds the value of that unit to potential buyers. it produces a smaller level of output than would be produced in a competitive market. it can earn both short-run and long-run profits. it faces a downward-sloping demand curve. the cost to the monopolist of producing one more unit exceeds the value of that unit to potential buyers. it produces a smaller level of output than would be produced in a competitive market.

Explanation / Answer

it produces a smaller level of output than would be produced in a competitive market.

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