Which of the following statements is true? Monopoly markets are more efficient t

Question

Which of the following statements is true? Monopoly markets are more efficient than competitive markets. There is no difference between the outcome in monopoly markets and the outcome in competitive markets. It is never good for consumers to have only one firm supplying a market. Competition generally leads to lower prices, higher output, and greater efficiency than monopoly. A natural monopoly can: supply the entire market at a higher, cost than many competing firms. supply the entire market a lower cost than many competing firms. always charge any price it wants since it faces no competition. use natural resources without being subjected to government regulations.

Explanation / Answer

39. Competition generally leads to lower prices, higher output and greater efficiency than monopoly

40. Supply the entire market at lower cost than many competing firms

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