Monopoly will invaariably result in a higher price and lower output than a competitive market sructure.Discuss in the course of your answer you should

Monopoly will invaariably result in a higher price and lower output than a competitive market sructure.Discuss in the course of your answer you should

Monopoly will invaariably result in a higher price and lower output than a competitive market sructure.Discuss in the course of your answer you should:

a. explain the characteristics of monopolistic and competitive markets,
b. carefully draw a diagram comparing price and output under monopoly and perfect competition,and explain the assumptions embodies in the diagram , and concider the circumstances under which monopoly, or larger firms may result in lower prices and higher output.