Relative to a competitively organized industry a monopoly?
AProduces less output, charges higher prices and earns economic profits.
Bproduces less output, charges lower prices and earns economic profits
CProduces less output, charges lower prices and earns only a normal profit
Dproduces more output, charges higher prices and earns economics profits
Correct answer
A. Produces less output, charges higher prices and earns economic profits.
Explanation
The correct answer is Produces less output, charges higher prices and earns economic profits..