Question

Given the same cost and revenue schedules, a profit-maximizing monopolist will produce
a)Output that cannot be determined
b)Less output than a competitive industry
c)The same amount of output as a competitive industry
d)More output than a competitive industry

Answer 1

Answer:

For the question asked at hand the answer is the option, b)Less output than a competitive industry.

Explanation:

This is so because a monopolistic firm processes with the functioning of being the only one to decide what market rate will be set for the price as well as the output. There is no one else in the market to determine these factors.

And in this case the answer is B.

Answer 2

Given the same ‘cost and revenue schedules’, a ‘profit-maximizing monopolist’ will produce Less output than a competitive industry.

Option: (b)

Explanation:

• The ‘profit-maximizing level’ of output of the monopolist is found by equating the marginal revenue with the marginal cost.  

• The monopolistic firm decides what market rate will be set for the price as well as the output.  

• They have a monopoly over the market and they take the decision since there is no one else in the market to determine these factors.

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