question archive Because monopoly firms do not have to compete with other firms, the outcome in a market with a monopoly _____
Because monopoly firms do not have to compete with other firms, the outcome in a market with a monopoly _____
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Because monopoly firms do not have to compete with other firms, the outcome in a market with a monopoly _____.
a. is often not in the best interest of society
b. maximizes total economic well-being
c. is efficient
d. benefits consumers more so than the producer
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- The correct option is (a) - is often not in the best interest of society.
Usually, the monopolist operates in the market to raise its profitability level; therefore, he/she extracts all the consumers' surplus from the market by making the monopoly market inefficient as it is unable to raise total economic benefits.
